BANAMEX USA RENEWS 38,000-SQUARE-FOOT LEASE IN CENTURY PLAZA TOWERS
Los Angeles, CA (December 30, 2011)
Banamex USA, a subsidiary of Citigroup, renewed its lease for 38,000 square feet in Century Plaza Towers, 2029 Century Park East, Century City. The financial services company occupies the 41st and 42nd floors of the 44-story office tower.
Banamex USA was represented in the 10-year transaction by Josh Gorin, senior managing director and Mark Sullivan, executive vice president, with the Los Angeles office of global tenant advisory firm Studley.
“We proactively took advantage of depressed market conditions to secure our client’s current and future real estate requirements at very favorable terms, including a reduced rental rate and significant concessions,” said Gorin. “The transaction is also structured to provide maximum flexibility going forward. In return, the landlord retained a financially strong and prestigious tenant.”
Century Plaza Towers, designed by Minori Yamasaki, consists of twin, 44-story towers, totaling 2.3 million square feet.
The landlord, JP Morgan, was represented in the transaction by Jeff Lasky of CBRE.
About Banamex USA
Banamex USA provides full banking services for companies and individuals that do business in Mexico and the United States. As part of Citigroup, Banamex USA is the U.S. banking arm of Banco Nacional de Mexico (Banamex), Mexico's premier bank. For corporate and individual customers alike, Banamex USA is the gateway to and from the Mexican financial markets. Visit www.banamex.com for more information.
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 19 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.