A rendering of the Wilshire Grand tower by AC Martin
The Wilshire Grand just scored its first major tenant.
The Southern California Association of Governments is close to inking a 44,000-square-foot, 15-year lease for two floors in the brand new Downtown Los Angeles tower, the L.A. Business Journal reported.
The listing broker was Steve Marcussen of Cushman & Wakefield, which, incidentally, will be another tenant in the 73-story skyscraper. The tower’s developer, Korean Air Lines, will also take a floor.
Office tenants will be able to move in this summer, Marcussen told LABJ. The monthly asking rate is $4.25 per square foot, which would value the lease at about $33.7 million, though the tenant was reportedly offered concessions.
Southern California Association of Government is a state-established council of local governments and agencies designed to address regional issues. It encompasses six counties and 191 cities. [LABJ] — Cathaleen Chen