Interest in Century City on the Rise for Handful of Banks, Finance Companies

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Century City is becoming a destination of choice for banks and other financial companies seeking to set up shop or expand their operations in Los Angeles.


Increased interest in the Westside neighborhood began about a year ago and has picked up steam in recent months.


T. Rowe Price, the Baltimore-based mutual fund house, is opening an office next month.


Boutique investment bank Mosaic Capital LLC outgrew three satellite offices and is now consolidating its operation at 2049 Century Park East. Fidelity moved into 2000 Avenue of the Stars, and Jesup & Lamont Securities Corp., a New York brokerage house, opened Los Angeles headquarters May 1 at 2029 Century Park East. Comerica Bank opened up in late April at 2000 Avenue of the Stars. Additionally, Mellon Bank completed consolidation of its Private Wealth Management Group at 1800 Avenue of the Stars in March, doubling its sales staff at the location to 13.


“Ten years ago, financial firms came to Los Angeles and the first thing they said was ‘We have to be downtown,” said Lisa St. John, Los Angeles managing director for Jones Lang LaSalle Inc., a commercial real estate brokerage. “Century City is no longer second tier or second fiddle, it’s the first choice.”


The neighborhood of high-rises largely from the 1960s, 1970s and 1980s has always had proximity to a monied client base on the Westside, but recently the area has seen a surge of new office and condo construction. At the same time, a rise in downtown office lease rates to nearly $3 per square foot have made Century City’s rates, which are above $3.50, more competitive.


There’s also been the renovation of the Westfield Century City mall, the completion of a major traffic improvement project on Santa Monica Boulevard and talk of plans to transform the district into a more pedestrian friendly neighborhood, replete with walkways and outdoor cafes.


A contest the last several months between Dallas-based Comerica Bank and Beverly Hills-based City National Bank for the same swanky digs at 2000 Avenue of the Stars is an example of how desirable the area has become.


“We ended up flying to New York to make a presentation to the owners of the Century City building just so we could essentially plant a flag in the western region,” said David White, Southern California regional president for Comerica. “This is the best place for us and we made that clear.”


City National lost that battle, but it will move into a 20,000-square-foot space at 2029 Century Park East this fall.

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