LA Tower Signs Pacific Western Bank

Wilshire Grand Center. Image courtesy of Cushman & Wakefield

Pacific Western Bank has signed a long-term lease at the Wilshire Grand Center in downtown Los Angeles. The company will occupy 8,010 square feet of office space on the building’s 26th floor, as well as 3,500 square feet of retail space for its bank branch.

Cushman & Wakefield, which provides property management services at Wilshire Grand Center, represented the owner, Hanjin International Corp., in the transaction.

Built in 2017, the 73-story Wilshire Grand Center is the tallest tower in the Western U.S. The building offers 365,141 square feet of rentable office space, 914,859 square feet of hotel space and 45,100 square feet of retail, according to CommercialEdge data.

A DTLA Landmark

Designed by A.C. Martin & Associates, Wilshire Grand Center also features the largest meeting room and ballroom complex in Los Angeles. The property provides a total of 1000 parking spaces in a 2.74 spaces per 1,000 square feet parking ratio, according to the same data provider. A rooftop helipad and terrace are also available. Other tenants at the prestigious location include Arup, Korean Air, Metrolink, SCAG and Cushman & Wakefield.

Anchored by the 900-key Intercontinental Hotel, the property is located at 900 Wilshire Blvd., less than half a mile east of Interstate 110. Its downtown location provides easy access to a multitude of retail, dining and entertainment options within a 1-mile radius.

Following the Pacific Western Bank lease, only two floors remain available in the tower. In November, Los Angeles’ office vacancy reached 12.7 percent, according to CommercialEdge data. The metro’s vacancy rate had dropped 30 basis points since September, maintaining itself 250 points below the national average.