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Thursday, Jun 8, 2023

Wilshire Grand Offices Set to Ink Tenant

The tallest tower in the West, the 73-story Wilshire Grand Center in downtown, appears close to claiming its first major office tenant.

The Southern California Association of Governments is slated to sign a lease for two floors, or roughly 44,000 square feet, in the building owned by Korean Air Lines Co. Ltd., according to two sources familiar with the deal.

SCAG spokesman Jeff Liu said he could not comment ahead of the lease being signed. Listing broker Steve Marcussen of Cushman & Wakefield said leases were being negotiated, but declined to comment specifically on the SCAG deal. He did confirm that Korean Air is expected to take one floor, as the Business Journal reported in September, and that Cushman will also become a tenant. The building is slated to open to office tenants in the summer, Marcussen said.

The Wilshire Grand has about 353,000 square feet of office space across 18 floors, as well as a multilevel parking garage and 38 floors of hotel space operated by InterContinental Hotels & Resorts.

CoStar lists the tower’s monthly asking rents at $4.25 a square foot, 70 cents above downtown’s average asking rate in the first quarter, as calculated by Jones Lang LaSalle.

One of the brokerage sources familiar with the SCAG lease said the landlord offered concessions, which is typical among new buildings seeking tenant activity. The source also said the term of SCAG’s lease would be for about 15 years.

Real estate reporter Daina Beth Solomon can be reached at dsolomon@labusinessjournal.com. Follow her on Twitter @dainabethcita for the latest in L.A. real estate news.

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