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Thursday, Jun 8, 2023

Preferred Bank Expands Figueroa Headquarters

Preferred Bank has expanded its headquarters at 601 S. Figueroa St. in downtown Los Angeles to 37,000 square feet, landlord Brookfield Properties announced.

The bank previously leased around 22,000 square feet at the Figueroa at Wilshire building, sources said. The building’s other tenants include law firms Seyfarth Shaw and Dentons, Brookfield said in a statement.

Jim Travers, founding principal at Travers CRESA, represented Preferred Bank. Marin Turney and John Barganski represented Brookfield.

“Downtown Los Angeles has been our home for many years and our company growth mirrors the great success of this thriving business district,” said Li Yu, Preferred Bank’s chairman and CEO.

Last month, the bank reported record first-quarter earnings with a net income of $16.6 million. Year over year, Preferred Bank’s stock has gained about 30 percent, trading at $65.81 per share on May 22.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.

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