Law Firm Signs Arco Plaza Deal
By DANNY KING
In what many believe to be the largest downtown lease this year, Paul Hastings Janofsky and Walker LLP has signed a 15-year, 209,000-square-foot deal valued at more than $80 million at Arco Plaza's north tower.
"The firm had an opportunity to create state of the art, efficient and attractive space while remaining in the No. 1 location in downtown Los Angeles," said Cushman & Wakefield Inc. Executive Director Lynn Williams, who represented the tenant.
The capper, literally, was the planned renaming of the tower as "Paul Hastings Tower," complete with signage atop the 52-story building.
The move, which is scheduled for next July, will be a short one, as the 200-person firm will be vacating its 200,000-square-foot spot in Arco Plaza's south tower. The firm initially took 30,000 square feet as an original tenant of Arco Plaza in 1971.
Despite the slightly reduced size, the new offices' design will allow for expansion, according to Thomas Kibler, president of Shuwa Leasing and representative for the landlord, Shuwa Investment Corp.
"There are a lot of changes that have occurred in space planning over the years," said. Kibler. "Their space is old. It's time to upgrade."
Hastings Janofsky also may be reducing its occupancy costs as part of the deal. "We were able to negotiate a more favorable transaction," said Williams, who would not disclose the rent rate Hastings Janofsky currently pays. Representatives of the firm could not be reached.
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