The deal at Two California Plaza was especially challengingbecause the building underwent multiple changes in ownership duringthe lease negotiations, according to Clay Hammerstein of CBRE.Hammerstein teamed with CBRE's Steve Bay and Kevin Bender torepresent both of the law firms in their deal with MaguireProperties, which owns both of the California Plaza buildings.

Hammerstein points out that Maguire recently bought TwoCalifornia Plaza from Blackstone Properties, which had acquired thebuilding in its purchase of Equity Office Properties Trust lastyear. That made for a total of three owners in less than ayear.

Although a change of ownership during lease negotiations is notunique, a multiple change like the Two California Plaza situationis less common, Hammerstein points out. He says that buildingownership changes during lease negotiations are occurring more andmore as the office investment market continues to be extremelyactive in Los Angeles.