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Accounting Firm Leaving Century City for Downtown LA9 Jul 2018
Accounting firm BDO USA LLP is leaving Century City for downtown Los Angeles.
The Chicago-based global accounting firm has signed a 15-year lease with landlord CommonWealth Partners Management Services LP for all of the 27,280-square-foot 47th floor at City National Plaza, 515 S. Flower St. BDO will be moving from its office of about 32,000 square feet at Century City's 1888 Century Plaza East, which is also owned by CommonWealth, a private real estate investment and development firm.
"It's pretty significant for downtown," said John Bendetti, vice president of leasing for CommonWealth in L.A., who represented his firm in the lease.
The deal is a sign that downtown can be a draw for tenants from the popular Westside of Los Angeles, particularly for professional services firms. Law firm Hueston Hennigan moved to downtown's PacMutual Building three years ago after breaking from Century City firm Irell and Manella.
Among the attractions, rental rates in downtown L.A. offer a discount to Century City prices. Asking rates at City National Plaza are around $3.33 a square foot monthly, while asking rates at the company's current Century City office are an average of around $4.29 a square foot, according to CoStar records.
This part of downtown Los Angeles is also home to a concentration of professional services companies, including law offices and real estate firms. BDO will join other accounting firms in the building, including Grant Thornton and RSM USA.
CommonWealth bought the 1.4 million square foot tower as part of a portfolio of four properties in 2013 for $398 million. It holds offices in the City National building as well.
BDO did not return request for comment.
FOR THE RECORD: Jonathan Larsen, brokerage Avison Young Inc.'s managing director and principal in Los Angeles, represented BDO. CommonWealth’s Vice President of Leasing John Bendetti represented his firm.
Published in CoStar on July 6, 2018 by Jacquelyn Ryan