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515 South Flower Street

Hill, Farrer & Burrill LLP Leases 25000 SF Office At City National Plaza In Los Angeles
LEASEDOffice

Hill, Farrer & Burrill LLP Leases 25000 SF Office At City National Plaza In Los Angeles

515 South Flower Street

Building Size

25,000 SF

Asset Type

Office

Closing

Nov 7, 2024

AI

The asset involved in this transaction is an office space located at 515 South Flower Street in Los Angeles. The total square footage of the property is 25,000. This lease transaction reflects a move within downtown Los Angeles, aligning with the current market dynamics for office spaces in the area.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 515 South Flower Street
  • Market: Los Angeles
  • Landlord: CommonWealth Partners
  • Tenant: Dean Dennis - Hill, Farrer & Burrill LLP
  • Landlord's Representative: John Bendetti - CommonWealth Partners
  • Tenant's Representatives: Mike McKeever, Tom McDonald & Tony Morales - JLL
  • Lease Signing Date: 11/07/2024
  • Occupancy Planned: June 2025

The deal involves Hill, Farrer & Burrill LLP signing a lease agreement, with the representation of the landlord by CommonWealth Partners and the tenant by JLL. The parties aim to establish a modern, collaborative workspace amid the challenges presented by the leasing market in the area.

Players

Tony Morales

JLL

Broker

$1.1M

vol

6 deals

Broker

Los Angeles Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93