Law firm Haight Brown & Bonesteel to move to downtown Los Angeles
The 72-year-old California firm will move its headquarters from Howard Hughes Center near Marina del Rey to City National Plaza, where it will sublease 27,280 square feet, according to brokerage Jones Lang LaSalle.
Downtown’s office market is still soft, with vacancy of more than 17%, but the decade-long boom in restaurants, residences and recreational options has made it more desirable to some white-collar companies.
“Not that long ago, if you worked downtown, as soon as you got off work you couldn’t wait to get out,” said Chris Stouder, managing partner of Haight Brown. “Now there is Staples Center, Nokia and the concert hall. The revitalization has made it a more attractive place to run your business.”
Downtown provides better transportation options for employees, including train service, Stouder said.
Haight Brown has about 65 people at its Los Angeles headquarters, he said. Its other offices are in San Francisco, Santa Ana, Riverside and San Diego.
Financial terms of Haight Brown’s 10-year lease were not disclosed, but sublease space at City National Plaza is being offered for $1.83 to $1.92 per square foot per month, according to real estate data provider CoStar.
Brokers Tony Morales and Darren Eades of Jones Lang LaSalle represented the law firm in the transaction.
Downtown Los Angeles has also become home to numerous architects in recent years. Architecture firm Gensler announced last month that it would move its regional headquarters to City National Plaza in October.
-- Roger Vincent
Photo: City National Plaza. Credit: Thomas Properties Group