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Banc of California has signed an 11-year office lease for 40K SF at 865 S. Figueroa St. in Downtown, also known as Manulife's TCW Tower.
As part of its new tenancy, Banc of California’s name and logo will be displayed on top of the north and south sides of the tower.
“California is the fourth largest economy in the world, and the Los Angeles area is one of its largest drivers,” Banc of California CEO and chairman Jared Wolff said in a statement. “Expanding our presence in downtown demonstrates how committed we are to serving the greater LA market and how proud we are to be part of this community.”
Banc of California will make the short hop to 865 S. Figueroa from its previous Downtown corporate offices at 601 S. Figueroa, now owned by Uncommon Developers.
The bank is aiming for a move-in in the third quarter of 2026, a spokesperson for Banc of California confirmed to Bisnow.
Downtown LA office space had a 30.9% vacancy rate in the third quarter and 220K SF of negative net absorption, the most of any submarket in greater Los Angeles, according to CBRE.
CBRE’s Jonathan Dezzutti, Jacob Bobek and Blake Mirkin represented Banc of California.
In March, the bank expanded its corporate office in Beverly Hills at Wilshire Boulevard and Roxbury Drive, where it leases approximately 16K SF.
Banc of California is the largest independent bank headquartered in Los Angeles and the third-largest bank headquartered in the state.
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