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CITY NATIONAL CREATES BANKING CENTER IN LA
 
LOS ANGELES - In a move its says will "enhance its business capabilities in Los Angeles and underscore its commitment to downtown Los Angeles," City National Bank has leased up to 310,000 square feet of commercial office space at what is now ARCO Plaza.

The deal is the largest commercial real estate lease signed in the city of Los Angeles this year. 

City National Bank will occupy 12 of 52 floors in the property's south office tower at 555 South Flower Street. The building will be renamed "City National Tower," with new signage appearing next September.
 
The tower will serve as the bank's new administrative center, bringing together more than 20 departments, from Product Management, Cash Management, International and Finance to Human Resources, Marketing, Community Reinvestment and select areas of Wealth Management.
 
The bank also will relocate its nearby Library Tower banking office to 6,600 square feet in a three-story building that sits between the two ARCO Plaza office towers. Until then, that branch and the bank's downtown business and private banking centers will remain in Library Tower.

The new City National Tower and the plaza banking office together will form City National's expanded Downtown Los Angeles Regional Center, offering extensive private and business banking and wealth management capabilities.
 
The entire property, which is located on Flower Street between 5th and 6th streets in the heart of L.A.'s business district, will be renamed "City National Plaza" in September, 2005.

City National's move to this new location will begin next year and is expected to be completed sometime in 2006.
 
City National is the largest bank headquartered in Los Angeles and one of the leading private employers in the city and county. When its relocation is complete, nearly 1,000 of its 2,300 employees will work in the city's central business district.
 
Designed by AC Martin Partners and built in 1972, ARCO Plaza contains approximately 2.6 million square feet of space. The twin towers and the plaza building are sheathed in forest-green granite and glass. For more than 30 years, this property has been a defining feature of the downtown LA skyline.
 
A group of investors led by LA -based Thomas Properties Group, a national development and investment firm, purchased the property early this year and recently unveiled plans for a two-year, $125 million improvement program to revitalize the future City National Plaza by attracting new restaurants and retail establishments.

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