Public accounting and advisory service firm Marcum is the latest in a long line of L.A. businesses to move downtown.
The company is scheduled to leave Century City in May where it has been located since merging with Stonefield Josephson in 2010. It has leased 22,000 square feet in the 777 Tower at 777 S. Figueroa St., which is owned by Brookfield Office Properties Inc.
Financial terms of the deal were not disclosed, but downtown’s average asking rate in the fourth quarter for Class A properties was $3.86 a square foot, according to data from Jones Lang LaSalle Inc. That would put the value of the Marcum lease at more than $1 million a year.
By comparison, asking rates in Century City are $6.29 a square foot, which would put a comparable lease at about $1.7 million.
“The dynamic work environment and appeal of DTLA and 777 Tower is consistent with the next chapter of growth for Marcum in Los Angeles,” Paul Sherman, regional managing partner of Marcum, said in a statement. “Talented young professionals want to work in a central location with abundant amenities.”
Brookfield recently opened a 20,000- square-foot tenant amenity space operated by Convene at 777 Tower. Convene also runs flex office spaces at a handful of Brookfield properties.
The tenant amenity space can host meetings of up to 175 people and has food offerings for meetings and events.
Newmark Knight Frank’s Ross Perlman and Steven Kolsky represented Marcum in the lease. Brookfield was self-represented.
The 777 Tower, which was built in 1991, is 52 stories tall and has a total of 1 million square feet.
Tenants include Lockton Cos., Orrick Herrington & Sutcliffe, Arnold & Porter Kaye Scholer and American International Group Inc.
Brookfield owns 10 million square feet of Class A office space. It has been a big player downtown for years.
The company recently signed leases in the area with Diamond McCarthy, Doll Amir & Eley, Hanson Bridgett of San Francisco and Acumen.
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