Downtown L.A. asset management firm Oaktree Capital Management has signed a lease to extend and expand its headquarters in the area.
The firm, which had occupied six floors in the 54-story Wells Fargo Center North Tower at 333 S. Grand Ave., took a seventh floor for a total of 182,000 square feet.
At the same time the firm, founded by billionaires Howard Marks and Bruce Karsh, extended the lease. Financial terms of the deal were not disclosed.
The 1.4 million-square foot building is one of four high-rise office buildings landlord Brookfield Office Properties Inc. acquired last fall from now defunct real estate firm MPG Office Trust Inc.
David Kirchheimer, chief financial and administrative officer at Oaktree, said the company considered all its options before ultimately deciding to stay put.
“Oaktree has been headquartered in downtown Los Angeles since our founding. After a thorough analysis, we determined that staying at Wells Fargo Center will best facilitate our further growth and success,” he said in a statement. “The quality and amenities of the project, commitment of ownership and Bunker Hill location are powerful draws. Our decision also underscores the growing appeal of downtown Los Angeles as a great destination for business.”
Stephen Bay, Rocky Binswanger, Mark Sprague and Gregg Pastemack of CBRE Group Inc. represented Oaktree in the deal, while Brookfield was represented by its in-house leasing team, including John Barganski, James Malone, Rachael Zanetos and Marin Turney.
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