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LOS ANGELES-Bank of America has signed a $28-million lease for 83,000 sf at the Garland Center, a deal that brokers say was integral to a plan by master lease holder Charter Holdings to spend $30 million in improvements to the 740,000-sf building at 1200 W. Seventh St. According to Jason Warner of the Downtown L.A. office of CB Richard Ellis, Charter Holdings plans to spend the $30 million on upgrading the infrastructure of the building by doubling the size of the central plant and significantly increasing the building’s power, back-up power and mechanical equipment.

Jason Warner and Nick Warner, also of CBRE’s Downtown office, represented Charter Holdings, which is a subsidiary of Wells Fargo, in the Bank of America transaction. They are also now the listing agents for the nine-story building.

The Garland Center was built in 1983 by First Interstate Bank for about $350 million and originally housed the third largest data center in the country, processing millions of dollars of checks each day and controlling the bank ATM network for 13 Western states. First Interstate Bank was acquired by Wells Fargo in 1996, and in 1989 Charter took over the building as master tenant.

Jason Warner says that, along with its plans for $30 million in improvements, Charter Holdings plans to extend its master lease in the building in the wake of the Bank of America lease. The bank will occupy its 83,000 sf in the lower levels of the building, which features two stories of data center space below grade in addition to the nine stories of office space above grade.

Bank of America was represented by John McAniff and Jeff Ingham of Jones Lang LaSalle. Warner comments that the signing of Bank of America as an anchor tenant “opens up the ability to move forward with lease renewals for current tenants, as well as marketing space to new tenants.”

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