Comerica Leases New HQ

Terms of the lease were not disclosed. Asking rates for the new building are $2.65 per sf per month, according to Continental's website.

The move to the new space will consolidate Comerica's regional Los Angeles area operations, which will be located in approximately 60,000 sf of space on the fifth floor of The Atrium. A full service retail branch of 4,000 sf will be located on the first floor of the class A office building, which Comerica is slated to occupy in April.

Lynn J. Beteag, SVP of corporate real estate for Comerica, and Craig M. de Miranda, VP at Trammell Crow's Irvine office, represented the tenant. Bob Inch, VP of marketing for Continental, represented the landlord.

The Atrium is a five-story office building of twin, L-shaped towers totaling 290,000 sf. It is situated within Continental Park, a 3-million-sf campus-style, mixed-use, commercial, retail and entertainment complex that straddles the El Segundo-Manhattan Beach border. The transit-oriented commercial development is served by an on-site Green Line station with a connection to Los Angeles County's light-rail system and Southern California's Metrolink network.

Comerica, with $55 billion in assets, is the 25th largest bank in the US. It operates throughout the US with its principal presence in Michigan, California and Texas. Comerica Bank's Western Division includes more than 70 offices with 42 branches in California, Arizona, Colorado, Oregon and Washington.

Continental Development Corp., which is headquartered in Continental Park, has developed more than five million sf of mixed-use commercial and retail properties, functioning as owner, developer and property manager. Its portfolio also includes properties in Northern California.