In one of the largest leases of 2014 in the Los Angeles market, Brookfield Office Properties has leased 113,000 square feet to accounting and professional services giant Deloitte at Gas Company Tower at 555 W. Fifth St.
Deloitte has started tenant improvement work with occupancy targeted for the end of the year. The relocation gives the Deloitte brand a prominent spot at the top of one of downtown's most iconic and distinctive high-rises. Built in 1991, the 40-story building been the backdrop for many films.
The long-term lease brings the occupancy of the building to about 80%.
"Brookfield enjoys a long-standing relationship with Deloitte across the country and around the globe and is very pleased to have the opportunity to expand that relationship in Los Angeles," said Brookfield Executive vice President, Western Region Bert Dezzutti.
Deloitte, which has occupied 276,300 square feet at nearby Two California Plaza since 2000, has an option for future expansion at its new quarters.
Lexis Livengood, with DTZ, represented Deloitte and the in-house leasing team of Barganski, James Malone, Rachael Zanetos and Marin Turney represented Brookfield in the transaction.
The tower is one of the four high-rise office towers that Brookfield Office Properties acquired as part of its acquisition of MPG Office Trust in October 2013, making the company the largest downtown owner of top quality high-rise office space.