Seyfarth Shaw plans to move into the new space this spring, according to Bert Dezzutti, senior vice president and head of Brookfield's Southern California region. Dezzutti describes the new law firm office as part of a "strategic migration of West Los Angeles professional service firms to Downtown."
Seyfarth Shaw was represented in the lease by David Kluth and Mike McKeever of UGL Equis. Brookfield Properties was represented internally by John Barganski and Chris Dillavou.
The Bank of America Plaza is part of a portfolio of 5.7 million square feet of six properties that Brookfield owns, operates and manages in Southern California. Terms of Seyfarth Shaw's deal with Brookfield were undisclosed. Asking rates for class A office space in Downtown Los Angeles were in the range of $3.30 per square foot per month at the end of the fourth quarter of 2008, according to the latest market reports. Market observers say that although the Downtown market has suffered along with the rest of the US office market, it has felt less of an impact from the recession than many other geographic markets.
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