Los Angeles-based real estate investment trust company CIM Group recently announced the completion of a new lease agreement at City National 2CAL. International law firm Sheppard Mullin signed a long-term lease for roughly 119,200 square feet of downtown Los Angeles office space. The firm will bring its headquarters to floors 39 through 42 of the CIM property, in addition to occupying 7,000 square feet on the Plaza level.
According to statements released by CIM regarding the deal, this marked the largest new office lease transaction in the downtown Los Angeles submarket in 2023.
Founded nearly 100 years ago, Sheppard Mullin is one of the largest law firms in Los Angeles County and is known for handling corporate and technology matters; high-stakes litigation; and complex financial transactions. Of more than 1,100 attorneys across 16 offices in North America, Europe, and Asia, about 450 are located in L.A. and will be moving to the new headquarters space in mid-2025.
City National 2CAL, rising 52 stories at 350 South Grand Avenue in downtown Los Angeles. Property image courtesy of CommercialEdge.
“We look forward to calling City National 2CAL our new home,” said Luca Salvi, chair of Sheppard Mullin. “Our downtown Los Angeles office is our largest office and continues to add leadership and depth across our practices of renown. A new, modern, and efficient workspace will accommodate both immediate and future growth needs that are beneficial to our clients and our culture. This new design will also provide more opportunities for collaboration and connection, which are keys to our success. CBRE partnered with us to achieve a great result at City National 2CAL.”
The 52-story office building located in the Bunker Hill district at 350 S. Grand Ave. incorporates a total of 1.4 million square feet of space. After acquiring the property in 2014, CIM Group set out on an ambitious program of capital and operational improvements that has resulted in refreshed and modernized entrances and plaza levels that enhanced the appeal of the lobby area and created greater pedestrian connectivity with the addition of new restaurants, retailers, and service businesses.
Notably, City National 2CAL was recertified in 2023 as LEED Platinum for another five years. The refurbished property also earned the UL Verified Healthy Building Verification Mark for Indoor Air and Water, as well as Fitwel®, ENERGY STAR, and WiredScore certifications.
“This record lease for 2023 with a top-tier and respected organization such as Sheppard Mullin is an indication that a well-positioned, quality office asset remains an attractive location option for businesses,” said Shaul Kuba, CIM co-founder and principal. “CIM Group continues to enhance the working and socializing environment at City National 2CAL both through our operations and property improvements to maintain a competitive position in the downtown Los Angeles office market.”
The law firm will occupy floors 39 through 42 in the City National 2CAL office tower in downtown Los Angeles. Property image courtesy of CommercialEdge.
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