X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.