LOS ANGELES – December 14, 2016 – CIM Group announced today that City National Bank has signed a long-term lease for eleven floors totaling approximately 300,000 square feet at 2Cal, a 52-story Class A office building located at 350 S. Grand Avenue in the Bunker Hill area of Downtown Los Angeles. Headquartered in Los Angeles, City National Bank is a major private and business bank that has been serving Southern California for 63 years.
2Cal consists of approximately 1.37 million rentable square feet of office space and 44,000 square feet of retail space. As an anchor tenant, City National Bank’s agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal. Renovations to configure the space as an open and efficient workplace to accommodate City National Bank’s employees will commence in 2017 with occupancy anticipated in 2018.
Since acquiring the property in 2014, CIM has been instituting a variety of physical and operational improvements. A renovation and expansion of the building lobby and entrances as well as updated landscaping will be completed in early 2017. The lobby features a newly-positioned reception desk, optical turn-styles, optimized ceiling heights and contemporary lighting fixtures, Carrara marble flooring, and abundant seating and gathering areas. Building entrances at the street and plaza levels include glass pop out areas with new automatic sliding glass doors providing a sense of arrival that showcases the renovated lobby.
CIM Group’s lease with City National Bank is the second major transaction in the past 12 months. In December 2015 the company signed a lease with law firm Munger Tolles & Olson for approximately 150,500 square feet for five full floors and a portion of the sixth floor.
This LEED Platinum certified building is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. CIM recently acquired the land beneath 2Cal and the plaza areas as part of the sale of assets of the former Los Angeles Community Redevelopment Agency which led the original public/private development of California Plaza in 1992.
2Cal is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, The Broad, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art and Los Angeles Central Library, and is in close proximity to significant developments that are transforming Downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.
CIM has a long history as an investor and developer in downtown Los Angeles in a variety of projects including residential, retail and office properties. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first created under the city’s adaptive reuse ordinance, and has completed ground-up developments including the Market Lofts and Market Lofts Retail that includes the Ralphs supermarket, and Sky Lofts at 801 S. Grand.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com