By Annlee Ellingson | L.A. Business First
Two law firms have signed new leases at the U.S. Bank Tower in Downtown Los Angeles.
Skiermont Derby LLP, a boutique patent and civil litigation firm with 15 lawyers in Los Angeles and Dallas, has signed a seven-year lease to occupy 4,500 square feet on the 58th floor.
With the new lease, the firm will move its L.A. office from 800 Wilshire this summer.
In addition, Dechert LLP, a global law firm headquartered in Philadelphia with about 1,000 employees in 22 offices around the world, has expanded its existing lease in the U.S. Bank Tower. The firm currently occupies 97,000 square feet on the 49th floor and will add another 5,900 square feet on the same floor, moving into its new space in September.
Terms of the deals were not disclosed.
“Downtown Los Angeles is one of the most active real estate markets in California, and continues to attract residents and businesses from across the country,” said Jeremy Moss of Silverstein Properties, which owns the building. “We are spending the year upgrading the building’s lobby, amenity spaces and outdoor space, and look forward to evolving the look, feel and culture of the building.”
Designed by Pei Cobb Freed & Partners and completed in 1989 by Maguire Properties, the 1,018-foot U.S. Bank Tower is the second-tallest building in Los Angeles.
A Class A office property located at the foot of Bunker Hill near the Pershing Square Metro station, the 1.4 million-square-foot building has 72 floors of office space plus six levels of underground parking. Tenants include U.S. Bank, Lewis Brisbois Bisgaard & Smith, Thomson Reuters and Marsh USA.
The new lease comes about 18 months after the high-rise was acquired by Silverstein Properties for $430 million — a steep discount from the $700 million asking price sought when it was put up for sale the year before.
The U.S. Bank Tower marked Silverstein's entrée into the Los Angeles market, and the New York-based firm announced in May 2021 that it will invest $60 million to upgrade and reposition the skyscraper to attract both traditional and creative office tenants.
Plans for the tower’s 35,000 square feet of common spaces include redesigning the main entrance and lobby with cabana-style elements and offering a new day-to-night juice and cocktail bar, a grab-and-go market, large communal tables and patio seating at ground-level entrances.
Up on the 54th floor, which features panoramic views of L.A., The Vista will offer lounge and meeting spaces including a fireplace and relaxed seating, a co-working lounge to support both collaborative and focused work, and a range of bookable conference rooms, as well as a drink bar, grab-and-go cafe and a full-service kitchen to cater meetings and private events.
The New York developer also plans to modernize the elevators.
Building upgrades are set to be completed by the end of 2022.
The leases come as the Greater Los Angeles office sector ended 2021 on a high note, driven by the gaming, tech and creative sectors, according to an analysis by CBRE Research. L.A.’s overall office vacancy dipped to about 18%, per CBRE, but was higher in downtown’s Financial District, where the U.S. Bank Tower is located, at nearly 23%.
Meanwhile, the average asking lease rate rose across L.A. to $3.82 but was a bit lower in the Financial District at $3.73.
JLL led negotiations for Silverstein in both deals. Skiermont Derby was represented by Savills, and Dechert was represented by Cushman & Wakefield.