According to Robert F. Maguire III, managing partner of MaguirePartners, Library Tower will be renamed US Bank Tower, with the bank expected to move into its new space in July. The building's name change will occur at about the same time.
US Bank will occupy six floors of the 73-story, 1,017-feet tall Downtown Los Angeles skyscraper, the tallest building on the West Coast, which Maguire developed in 1991. The space will serve as the bank's Southern California regional headquarters, according to Jerry A. Grundhofer, chairman, president and CEO of US Bancorp, who called Los Angeles "an important and growing market for US Bancorp." David I. Rainer, president of US Bank in California, is part of the group moving to the new location, which operates 215 US Bank branches in California, 48 of which are in LA.
Maguire says there was "enormous competition" for the office space, with three other banks and a telecommunications firm chasing it. The future US Bank offices were formerly occupied by Arthur Andersen, which was an original tenant in Library Tower.
US Bank was represented by Nick Christensen of the South Bay office of CB Richard Ellis Inc. and Dan O'Neil and Whitley Collins of CBRE's Downtown LA office. MaguirePartners was represented internally by Tony Morales, a partner in the firm, and leasing manager Jennifer Stone.
The skyscraper's new name will be its third identity switch since it was built. It was originally called Library Tower, then renamed First Interstate Tower when that bank became the anchor tenant. After First Interstate merged with Wells Fargo bank, the building reverted to its Library Tower name.
Designed by Pei, Cobb Freed & Partners of New York City, Library Tower features 1.4 million sf of rentable office and retail space. With the signing of the US Bancorp deal, the building is 95% leased. Among its tenants are Latham & Watkins, Sempra Energy, Wells Fargo Bank, and the law firms of White & Case and Holland & Knight.
US Bancorp, with 2,142 branch locations in 24 states, has expanded substantially in Southern California over the past three years. In 2002, US Bancorp signed on as a signature sponsor of the LA Dodgers, and in the past two years it's opened branches in three inner city neighborhoods that the rest of the financial industry sidestepped for years--Boyle Heights, the Crenshaw District and Baldwin Hills.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
