Silverstein Lands 24K-SF Lease at L.A.’s U.S. Bank Tower
Silverstein Properties has secured a new full-floor lease at its 72-story skyscraper in Los Angeles, hot on the heels of its 2 million-square-foot lease deal at 2 World Trade Center in New York City.
The landlord inked a 24,416-square-foot lease with law firm Wilson Elser at U.S. Bank Tower, at 633 West Fifth Street in Downtown Los Angeles, Commercial Observer has learned. Wilson Elser will occupy the entire 31st floor at the tower and will relocate from its current office, at nearby City National Plaza, later this year.
Silverstein Properties was represented in-house by Harlan Strader, as well as JLL’s Jaclyn Ward, James Malone, Marin Turney and Sarah Hancock. Cushman & Wakefield’s Ryan Hoopes, Tom Sutherland and Luke Raimondo represented the tenant. Other tenants at U.S. Bank Tower include U.S. Bank, KPMG, McKinsey & Company, Marsh & McLennan, Lincoln International, Sompo International and King & Spalding.
Downtown Los Angeles in general, particularly its Class B office market, is still struggling with pandemic-era vacancy north of 30 percent. Wilson Elser’s new lease bucks the post-pandemic trend of companies moving westward to high-quality spaces in areas like Century City, but U.S. Bank Tower, particularly with Silverstein behind the wheel, is a powerful draw.
The investment firm purchased the tower for $460 million in 2020, and completed a $60 million renovation in 2023, including a redesigned lobby, new food and beverage options, and a 15,000-square-foot amenity space on the 54th floor. Those improvements have clearly worked wonders, as McKinsey, Sompo, Continental Casualty Company, and law firms Akerman, Skiermont Derby and Dechert all inked leases there after Silverstein’s acquisition.
On the East Coast, meanwhile, Silverstein recently finalized a long-gestating, nearly 2 million-square-foot lease deal with American Express at 2 World Trade Center in Manhattan. AmEx is set to become the sole anchor tenant at the tower, which is planned for completion in 2031 and will be the final tower rebuilt at the World Trade Center plaza.
