Newmark Grubb Knight Frank today announced that it represented Lewis Brisbois Bisgaard & Smith LLP, a national, full-service law firm, in a 10-year lease renewal of 160,000 square feet of office space at 221 N. Figueroa St. The transaction’s total consideration is estimated at $59 million.
The lease renewal was facilitated by Clayton Hovivian, executive vice president, Tenant Advisory and Law Firm practice groups, and Hank Elder, senior vice president. In recent years, Hovivian also has assisted the law firm with transactions in New Jersey and San Diego, Calif.
“We are very pleased to recommit to a location where our firm has been able to grow over the past several decades,” said Robert F. Lewis, founder, Lewis Brisbois Bisgaard & Smith. “With Clayton and Hank’s help, we conducted a careful review of the market and determined that 221 N. Figueroa offered the most attractive economics, ample parking for our employees at competitive rates and other concessions we were able to secure.”
The building’s landlord, L.A. City Council, was represented by Onno Zwaneveld, executive vice president, CB Richard Ellis.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank and its London-based partner Knight Frank together operate from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.