Chris Musgjerd of Savills Studley and the ARCO Tower in Downtown Los Angeles (Credit: Google Maps)
The law firm Tyson & Mendes is tripling its square footage at the ARCO Tower, adding to a string of new leasing deals in Downtown Los Angeles.
The law firm signed an expansion lease for more than 32,600 square feet at ARCO, at 1055 W. Seventh Street. The firm said it is planning to hire at least 50 more attorneys in the next six months.
Completed in 1989, the ARCO Tower has 33 stories and more than 205,000 square feet of space. Chris Musgjerd of Savills Studley represented the law firm in the transaction.
Office sales in Downtown Los Angeles slowed in the second half of 2018, but leasing remained steady, according to Savills Studley. The growth of biotech and life science firms helped the county’s office vacancy rate drop to 14 percent during the third quarter.
In late January, NHN Global, a South Korean gaming developer, paid $22 million for the Pettebone Building at 510 S. Broadway, which is less than a mile from the Arco Tower. Also nearby, Bow West Capital opened its 67,000 square-foot Green Street Building development, which is occupied exclusively by tenants in the cannabis industry.
A different law firm – Lewis Brisbois – also signed an expansion lease for 24,000 square feet for its headquarters at the U.S. Bank Tower in Downtown, which is now for sale.
Source: The Real Deal Los Angeles