San Diego-based California Bank & Trust will move its Downtown Los Angeles office to the 62-story AON Center.
The bank signed on for 28,603 square feet of offices at Carolwood’s 707 Wilshire Boulevard, according to landlord broker Colliers.
A spokesperson for Colliers declined to share terms of the deal, saying only that it’s a “long-term” lease. Average monthly asking rent for office space in Downtown Los Angeles was $3.81 per square foot in the third quarter of 2024, according to a report by Colliers.
California Bank & Trust, a subsidiary of Utah-based Zion Bancorporation, has 80 branches across the state, according to its website. It currently has a Los Angeles office at 550 South Hope Street, just a block away from its new digs. A source with knowledge of the deal said the bank is downsizing its footprint slightly with the move to the AON Center.
The move is a positive sign for Carolwood’s Adam Rubin, who said in a statement his firm is “deeply invested in the renaissance of Downtown Los Angeles.”
The private equity firm purchased the 1.1 million-square-foot tower for a bargain basement price of $147.8 million last year, as The Real Deal previously reported.
Now, Carolwood is rooting hard for DTLA’s recovery. Rubin said the neighborhood offers “clear material savings to office tenants looking for Class A, hospitality-forward buildings at a reasonable price.”
Colliers’ Ian Gilbert, who arranged the lease for Carolwood along with Matthew Heyn, agreed. Gilbert said in a statement that CB&T’s relocation to the AON Center “speaks to the property’s reputation as a prestigious address.”
California Bank & Trust was represented by CBRE’s Adam Seltzer, who declined to comment.