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LOS ANGELES-Bank of New York has signed a five-year deal valued at $5.7 million to renew its lease for office space in Downtown’s MCI Center.

The Manhattan-based lender and financial-services giant occupies 65,000 sf inside the complex. The 679,000-sf mixed-use project stands at 700 S. Flower St.

An Insignia/ESG brokerage team of Clay Hammerstein and Stephen L. Bay represented Bank of New York in the transaction. John Eichler of Cushman & Wakefield represented MCI Center’s owner, private partnership Hope & Flower LLC.

Downtown’s office market has slowly, but steadily, been improving. Its third-quarter vacancy factor dropped to 15.8%–a 10-year low–from 17% at mid-year, according to a report released earlier this week by Cushman & Wakefield. Many tenants are deciding to expand or relocate in the CBD instead of paying the higher rental rates charged in most other parts of LA County, the C&W report says.

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