Transamerica Occidental Life Insurance Co. signed a 10-year lease renewal AT&T Center for 267,500 square feet, at an estimated value of $75 million. The new lease will commence in June 2008 once the old lease expires.
The AT&T Center is composed of two buildings, 1150 S. Olive St. (AT&T Tower) and 1149 S. Hill St. (AT&T Hill Building), in the heart of downtown Los Angeles. Built in 1963, the property features a 485-seat auditorium with state of the art video teleconferencing capabilities. It also has an unobstructed panoramic view that spans from the San Gabriel Mountains to the Pacific Ocean and from the Hollywood hills to the Palos Verdes Peninsula. Currently the AT&T center is undergoing major interior and exterior renovations that scheduled to finish by early next year. The renovations, which encouraged Transamerica to stay at the complex, will include a new lobby, building entrances, retail space and a food court.
Todd Doney and Bruce Asper of CB Richard Ellis represented the landlord, LBA Realty. Peter Best, Lisa St. John and James Malone of Jones Lang LaSalle represented the tenant.