LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM RELOCATES DOWNTOWN HEADQUARTERS
Studley represents organization in 35,000-square-foot transaction
Los Angeles, CA (April 26, 2012)
The Los Angeles City Employees’ Retirement System (LACERS) has leased 35,000 square feet of office space at the Los Angeles Times Building, 220 West 1st Street in Downtown Los Angeles. It is the first time a tenant other than the Los Angeles Times will occupy space in the building. LACERS signed a 10-year lease for the full fifth floor, and will relocate to its new headquarters this summer.
Previously, the organization was housed at 360 East 2nd Street where its 36,000-square foot-offices were located across five floors and five office suites.
“The transaction provided our client with an opportunity to consolidate operations on one floor, creating an operationally efficient and collaborative work environment and resulting in tremendous cost savings,” said Norman Y. Lee, managing director with global advisory firm Studley.
In addition to the benefit of single-floor occupancy, the Los Angeles Times Building provides a number of key amenities, including an onsite cafeteria and conference facilities.
The new lease and relocation was approved by LACERS’ Board of Directors and the Los Angeles City Council.
Studley’s Laura Whelan and Matt Abney will provide project management services on behalf of LACERS, with active oversight and implementation of tenant relocation schedule, budget, vendor services, improvements and infrastructure.
The ownership, Los Angeles Times Communications, LLC, was represented in the transaction by Tom Cherry and Will Adams of CBRE.