Global investment firm Capital Group has committed to renewing its lease at the 400 S Hope St office tower in Downtown LA for another 15 years. The current lease expires in 2018.
One of Downtown’s biggest office tenants, Capital Group occupies 140k SF, but is adding another floor, bringing the firm’s total occupancy to 165k SF. Sources close to the deal with landlord CBRE Global Investors say the transaction value is about $100M.
Capital Group will take occupancy of the additional space next year. The 26-story, 701k SF tower, which is also home to CBRE’s corporate headquarters, is about 90% occupied. The company also renewed a 15-year lease for 323k SF at NY-based Brookfield Property Partners’ Bank of America Plaza at 333 S Hope St. [LABJ]
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