LOS ANGELES—With only a few weeks left in 2016, CIM Group managed to close what may be the largest office lease of the year. CIM Group has signed a 300,000-square-foot, 11-floor lease with City National Bank at Two California Plaza, or 2Cal as it is now called, a 52-story class-A office tower. City National Bank is planning a significant renovation of the space next year and will take occupancy in 2018.
“CIM acquired 2Cal in 2014 and since then it has been making a series of improvements to the property, such as the entrances, lobby and common areas as well as exterior hard and soft scape, to update the property and make it more inviting and functional for tenants and their guests,” Shaul Kuba, co-founder and principal of the CIM Group, tells GlobeSt.com. “These efforts, coupled with the building's superior location on Bunker Hill with the many nearby cultural, dining and entertainment options and new residences offer a compelling draw for companies such as City National Bank.”
The lease agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal. The remainder of the lease terms were not disclosed.
This is the second major lease at the property in the last 12 months. In December 2015, CIM Group has signed a 150,500-square-foot, five-floor lease with law firm Munger Tolles & Olson. “In addition to bringing tenants to the office space we also are refining our on-site retail,” adds Kuba. “2Cal is a high-profile destination in downtown with its large public courtyard that attracts people from throughout the area. We are bringing new uses to the ground floor space that appeal not only to our tenants but also to residents such as a newly opened yoga studio.”
2Cal is a 1.37-square-foot, two-tower office complex with 44,000 square feet of retail. The owner also has also recently purchased the land beneath the property. “With our recently completed acquisition of the land beneath 2Cal and the plaza CIM has complete control of the property,” adds Kuba.
The company would not comment on the occupancy in the building or its future strategy for the property.
LOS ANGELES—With only a few weeks left in 2016, CIM Group managed to close what may be the largest office lease of the year. CIM Group has signed a 300,000-square-foot, 11-floor lease with City National Bank at Two California Plaza, or 2Cal as it is now called, a 52-story class-A office tower. City National Bank is planning a significant renovation of the space next year and will take occupancy in 2018.
“CIM acquired 2Cal in 2014 and since then it has been making a series of improvements to the property, such as the entrances, lobby and common areas as well as exterior hard and soft scape, to update the property and make it more inviting and functional for tenants and their guests,” Shaul Kuba, co-founder and principal of the CIM Group, tells GlobeSt.com. “These efforts, coupled with the building's superior location on Bunker Hill with the many nearby cultural, dining and entertainment options and new residences offer a compelling draw for companies such as City National Bank.”
The lease agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal. The remainder of the lease terms were not disclosed.
This is the second major lease at the property in the last 12 months. In December 2015, CIM Group has signed a 150,500-square-foot, five-floor lease with law firm
2Cal is a 1.37-square-foot, two-tower office complex with 44,000 square feet of retail. The owner also has also recently purchased the land beneath the property. “With our recently completed acquisition of the land beneath 2Cal and the plaza CIM has complete control of the property,” adds Kuba.
The company would not comment on the occupancy in the building or its future strategy for the property.
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