Ivanhoé Cambridge Signs Los Angeles Lease Expansion

PacMutual. Image courtesy of Avison Young

Hueston Hennigan has extended its lease at PacMutual, a 460,000-square-foot Class A office asset in Los Angeles. The law firm inked the long-term agreement to expand into a larger, 33,703-square-foot space in Ivanhoé Cambridge’s three-building property.

Avison Young represented the owner, while the law firm worked with JLL.

According to CommercialEdge data, the property last traded in 2015, when a partnership between Ivanhoé Cambridge and Callahan Capital Properties purchased PacMutual for $200 million from Lionstone Investments. The transaction marked the joint venture’s first acquisition in the metro. In 2018, Ivanhoé acquired CCP, becoming the sole owner of the asset.

Hueston Hennigan’s presence in the property dates back to April 2015, shortly after the firm was founded. The office asset is home to several other law firms, the Los Angeles Conservancy and the American Business Bank, CommercialEdge shows.

The office property is located at 523 W. Sixth St. within the city’s central business district. The three buildings were constructed in the early 20th century—the oldest, Clock Building, dates back to 1908, with Sentry Building and Carriage House completed in 1922 and 1927, respectively.

The office property was originally developed as Pacific Mutual Life Insurance Co.’s headquarters. The asset was completely remodeled in 2014, CommercialEdge data shows. With a capital investment of $25 million the complex was repositioned as a creative office space. Hines operates the asset.

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PacMutual has obtained LEED Platinum certification and features a fitness center, a yoga studio, a rooftop patio, a tenant lounge as well as several conference rooms. The asset includes floorplates between 22,637 and 69,085 square feet. The property also has more than 46,000 square feet of retail space.

The Beaux Arts-style complex is neighboring Pershing Square and has several public transit stops within walking distance as well as the 7th Street retail corridor. Walt Disney Concert Hall is less than a mile away.

Cross-sector activity

Ivanhoé Cambridge has kept active across the commercial real estate spectrum in the past year. In March, a partnership with Hines topped out Texas Tower in Houston. The 47-story development is the largest office project underway in the market and is slated to deliver later this year.

Then, in April, GID and Ivanhoé Cambridge partnered to create GID Industrial. The venture will focus on urban infill assets in expanding markets nationwide.