KTGY First To Sign Lease At Historic The Trust Building In Downtown LA
KTGY will occupy 15,730 SF of office space in the building, according to a news release. The terms of the deal were not disclosed.
"We're very excited," KTGY Associate Principal Mark Oberholzer said in an interview Tuesday with Bisnow. "There's a lot of great things happening in downtown and we're going to be part of it."
Designed by famed father-and-son architects John and Donald Parkinson in the mid-1920s, and opened in 1928, The Trust Building is a 340K SF 11-story office building in downtown's historic core.
It is the former headquarters of the Title Insurance & Trust Co. The city designated the office building, known as the "Queen of Spring Street," a Historic Cultural Landmark in 2003.
Rising Realty and Lionstone Investments acquired the property in 2016 for a little more than $80M, according to commercial real estate data site Reonomy.
Since acquiring the property, Rising has spent a reported $40M on renovating and modernizing the building, according to the LA Times. The improvements include high-speed internet, valet parking, a full-time concierge, private and common outdoor space, and a roof deck.
“Our goal in restoring The Trust Building was to create a 21st century building that retains its historic character while providing positive technological, social, and environmental impacts to attract thoughtful, creative companies,” Rising co-founder and CEO Christopher Rising said in the news release.
KTGY will occupy the seventh floor. The creative office will feature an outdoor deck space, an open floor plan, an employee kitchen, and a lounge and gathering area, as well as collaborative workspaces, according to the release.
The new office will accommodate about 60 employees.
Lee & Associates' Gary McArdell represented KTGY. Cushman & Wakefield's Mike Condon Jr., Kelli Snyder, Peter B. Collins, Scott Menkus and Brianna Demus represented Rising.