$55 Million Lease for Tower Office

In one of the largest Southland leases announced this year, the law firm of Baker & McKenzie has signed a 15-year lease worth more than $55 million for about 100,000 square feet of office space in 777 Tower, a 53-story building rising near the intersection of Figueroa and 7th streets in downtown Los Angeles,

The tower, which broke ground last September and is set to open late next year, is the second of three office towers planned in the Citicorp Plaza complex. The “300-million high rise is being developed by South Figueroa Plaza Associates, a joint-venture partnership that includes Prudential Insurance Co. of America, an affiliate of Mitsubishi Estate New York Inc. and Aryshire Corp.

The law firm will move into 777 Tower from its current quarters in the plaza’s first building in early 1991. Cushman Realty represented the law firm in the transaction and South Figueroa Plaza Associates represented itself.