NEWLY FORMED BBCN BANK LEASES LOS ANGELES HEADQUARTERS
Studley represented bank in 62,000-square-foot transaction
Los Angeles, CA (January 30, 2012)
BBCN Bank, the new entity formed as a result of the merger between Nara Bank and Center Bank, will occupy 62,385 square feet of office space at the Wilshire Colonnade, 3731 Wilshire Boulevard, in Los Angeles’ Koreatown. The 10-year lease extends the former Nara’s existing lease for 43,993 square feet on floors 4, 10 and 11, and adds an additional 18,392 square feet of expansion space for the full second floor.
The majority of Center Bank’s headquarter-based employees are expected to relocate to the new headquarters in mid-2012 when construction of the expansion space is complete. The transaction structure also takes advantage of two retail locations owned by former Center Bank, with certain employees moving to these facilities to maximize capacity.
With the merger, BBCN is now the largest Korean American bank in the country.
BBCN Bank was represented by Norman Y. Lee, managing director, and Matthew Brainard, corporate managing director, with global tenant advisory firm Studley.
“The requirement was triggered by a ‘merger of equals’ and the transaction structure leverages existing locations and infrastructure to provide our client with an economically advantageous and operationally efficient real estate footprint,” said Lee.
“Additionally, the selected alternative was the least disruptive to the bank’s business operations, allowing our client to maintain its flagship headquarters in Koreatown, close to its key customer base,” noted Brainard.
The Wilshire Colonnade complex consists of two, 11-story office buildings totaling 367,020 square feet. Owner Wilshire Colonnade Corp. was represented in the transaction by Charles Dunn, Amir Madadi and Steve Reizes of Charles Dunn Real Estate Services.
About BBCN Bank
BBCN Bank is the largest Korean American bank with more than $5 billion in assets and over $4 billion in deposits. The Bank is a result of the merger between Nara Bank and Center Bank completed on November 30, 2011. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN Bank operates 44 full-service branches in California, New York, New Jersey, Washington and Illinois, along with three loan production offices in Seattle, Denver and Dallas. BBCN Bank specializes in core business banking products for small to medium-sized companies, with an emphasis in commercial real estate and C&I lending, SBA lending and international trade finance. For more information, visit www.BBCNbank.com.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 21 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.