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CIM Group announced that global law firm Sheppard Mullin leased approximately 119K SF in Bunker Hill’s City National 2CAL office building for its new LA headquarters.
The deal is the largest new office lease in downtown LA in 2023, according to a release from CIM.
Sheppard Mullin will take the 39th through 42nd floors and approximately 7K SF on the plaza level at the property at 350 S. Grand Ave. The 2CAL location will replace the firm’s current LA headquarters in Brookfield’s Bank of America Plaza Downtown, a spokesperson for CIM Group said. The roughly 450 employees there will move to 2CAL in mid-2025, according to CIM.
“This record lease for 2023 with a top-tier and respected organization such as Sheppard Mullin is an indication that a well-positioned, quality office asset remains an attractive location option for businesses,” CIM Group principal and co-founder Shaul Kuba said.
“A new, modern and efficient workspace will accommodate both immediate and future growth needs that are beneficial to our clients and our culture,” Sheppard Mullin Chair Luca Salvi said in a release. “This new design will also provide more opportunities for collaboration and connection, which are keys to our success.”
Several high-profile law firms have moved out of Downtown, the opposite of Sheppard Mullin’s relocation to a block away from its present home at 333 S. Hope St. Law firm Sidley Austin is in the works to pre-lease about 75K SF at JMB Realty’s 37-story under-construction project in Century City and will relocate to about 57K SF in City National 2CAL — a downsizing of the space it will leave behind at the Gas Company Tower.
CIM Group represented itself in the lease with JLL. CBRE represented the tenant.
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