LOS ANGELES-The University of Southern California has broken ground on a new 45,000-sf headquarters for its credit union. The building is the first branch of the USC Credit Union that is not located on campus, according to CB Richard Ellis.

CBRE’s Derrick Moore of the company’s Urban Redevelopment Group and Tom Jirovsky of CBRE Consulting are conducting the feasibility study and lease analysis for the project on behalf of USC Credit Union. The anticipated cost of the development is $10 million, with completion of the construction scheduled for January 2007.

The site for the new Italian Romanesque style office building is on the east side and across the street from the USC campus at 3720 S. Flower St. in Downtown Los Angeles. This will be the third location housing the nonprofit, member-owned financial cooperative, which maintains its other offices on USC’s University Park Campus and its Health Science Campus.

Designed by Frank R. Webb Architects, the new facility is being constructed by Del Amo Construction with Westfall Co. as the project manager. Gary Perez, CEO and president of the credit union, notes that one of its functions in addition to serving as a retail branch for its members is to provide “financial literacy workshops” and other member education.

In addition to housing the credit union, which will occupy the first and fourth floors of the new building, the facility will accommodate other university departments on the second and third floors of the new building. CBRE’s Moore comments that the credit union project not only represents an expansion of facilities for the university but it also “illustrates the southern migration of the Downtown Los Angeles renaissance that extends along the Figueroa corridor and is part of the recent development that is under way throughout the University Park area,” which is bordered by the Coliseum.

The credit union was established in 1973 to serve the faculty, staff, students and alumni of USC. It has grown to 49,000 members and $260 million in assets.

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