Five Major Banks Lease in One California Plaza

One California Plaza has become the regional headquarters for five major banks with the signing of a 10-year, $31-million lease by Manufacturers Hanover and a 15-year, $30-million lease by Bankers Trust.

Combined with the recently announced lease by the New York law firm Skadden, Arps, Slate, Meagher & Flom, the three leases are valued at a total of $127 million and account for more than 360,000 square feet of space, or 70%, of the Metropolitan Structures West Inc. project.

Manufacturers Hanover will consolidate its Los Angeles offices in five floors for 111,000 square feet of the new building, and Bankers Trust will more than double its downtown Los Angeles space with its 58,000-square-foot lease. Manufacturers Hanover plans to move to the building in June, and Bankers Trust targets occupancy for spring.

The Faulkner Co. represented Manufacturers Hanover, and Cushman Realty Corp., Bankers Trust. Grubb & Ellis represented California Plaza in both leases.

Other tenants--including the Bank of Boston, Canadian Imperial Commerce Bank, National Australia Bank and Security Pacific Capital Markets Group--are helping to make the building Bunker Hill’s newest financial center.