St. Louis brokerage Cassidy Turley Inc., which opened its first L.A. office only nine months ago, has signed a lease to move its regional offices into bigger space in downtown’s City National Plaza at 555 S. Flower St.
The firm signed a five-year lease for 10,875 square feet with landlord Thomas Properties Group Inc. this month. Financial terms were not disclosed, but industry sources estimate the value at $2.1 million.
Cassidy Turley will occupy half of the 44th floor with the option to expand across the full floor in the future. It will receive signage on the building.
It plans to move in April 1.
The company has been housed at 333 S. Hope St., in a sublease from law firm Brown White & Newhouse LLP. It has expanded three times in the space as it has grown to 25 employees from five at its opening.
Jonathan Larsen, regional managing principal at Cassidy Turley, said the new space allows the company to continue to grow.
“It’s a good central location amongst a lot of exciting things going on downtown,” he said.
The company plans to continue to expand with new offices in the San Fernando Valley, the Westside and Orange County in the coming year.
Lalo Diaz represented Thomas in-house. Larsen and colleague Suzanne Lee represented the tenant.
West L.A.’s Hudson Pacific Properties Inc. last week announced that it would be offering 8 million shares of common stock priced at $21.50.
The price is a slight discount to the company’s market stock value, which closed at $22.11 on Feb. 6, the day before the offering price was announced.
The offering is expected to close Feb. 12.
The company intends to raise $165 million in the deal. It could raise up to $190 million if underwriters take advantage of a 30-day option to purchase up to 1.2 million additional shares at a discounted offering price.
The company said it would use the proceeds to fund development and redevelopment projects, new acquisitions and to pay down debt.
Hudson Pacific has built a 5.4 million-square-foot portfolio of entertainment- and tech-related properties from San Francisco to San Diego since it went public in 2010. Among the notable properties in its portfolio are the Sunset Gower Studios and Sunset Bronson Studios, totaling about 900,000 square feet in Hollywood.
It also owns undeveloped land across the state that can support up to 2 million square feet of new development.
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