PricewaterhouseCoopers Moves Offices DowntownFriday, October 5, 2012
PricewaterhouseCoopers LLP is moving its L.A. offices into new downtown digs.
The New York based accounting firm signed a 15-year lease for 135,000-square-feet across six floors at Brookfield Properties’ 601 S. Figueroa St. building in late September. The deal includes new building-top signage.
The company announced the deal at the building on Thursday with Mayor Antonio Villaraigosa and other officials in attendance.
Financial terms were not disclosed but CoStar Group Inc. estimates the average rental rate in the building at $1.95. At that rate, the deal would be valued at about $47.4 million.
The company is currently housed at Two California Plaza, 350 S. Grand Ave., where it has occupied 160,000 square feet since 1991. It will move in May.
The company is shrinking its office size but not its workforce. In fact, the firm has grown by 30 percent to 1,450 employees in the last two years. It ranks No. 1 on the Business Journal’s current list of top accounting firms in L.A. by number of professionals.
The firm plans to create a more open workspace in its new offices that will accommodate its growing workforce.
“We see a bright future in Los Angeles and intend to continue our growth in our new space,” Brian Cullinan, managing partner for PWC’s Southern California market, said in a statement.