Newmark has announced the completion of a 33,491-square-foot lease for global law firm DLA Piper at 550 South Hope Street, known as KPMG Center, in downtown Los Angeles.
Newmark’s Executive Managing Director David Kluth and Managing Director Aliya Coher along with Vice Chairman Brad Feld represented DLA Piper in the 10-year transaction with building owner Morgan Stanley.
DLA Piper’s new fully-renovated space will include the entire 24th floor with the balance to be located on the 23rd and 2nd floors of KPMG Center. The firm recently acquired Liner LLP, a Los Angeles-based boutique law firm, and will consolidate the firm into DLA Piper’s newly-remodeled and expanded offices.
“DLA Piper has enjoyed its tenancy at 550 Hope for the last 12 years and while we explored relocating to a new location, the firm decided to remain on a long-term lease in favor of the building’s central location, convenient parking, image, and identity at compelling economics,” said Kluth.
Jackie Park, co-managing partner of DLA Piper in Los Angeles, agreed. “Our new office will reflect DLA Piper’s continued commitment to and expanded foothold in Los Angeles,” she said.
550 South Hope is a 28-story tower encompassing 610,000 square feet of space. Completed in 1991, 550 South Hope is among the newest buildings in downtown LA. The modern building by Kohn Pederson Fox and Langdon Wilson provides an architecturally-distinctive design.
According to Newmark’s 4Q2017 Los Angeles Office Market report, tech, new media, and co-working tenant expansions, coupled with a few right-sizing moves from traditional occupiers, such as banks and law firms, set the tone for the year. Net absorption was positive for the sixth consecutive year, while the average asking rent achieved a new high.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.