Asset management firm TCW Group appears ready to move its headquarters out of the 52-story TCW Tower to smaller quarters at City National Plaza in Downtown Los Angeles.
TCW will pull up stakes in 2024, when its lease ends at its namesake home at 865 S. Figueroa St., a 37-story skyscraper built in 1990, the Commercial Observer reported.
The company, with $264 billion assets under management .will relocate operations into about 140,000 square feet in one of the two towers of City National Plaza at 515 S. Flower St..
That’s about 40,000 square feet – or 22 percent – smaller than its current digs, one source told the Observer.
City National Plaza is owned by a joint venture between the California Public Employees’ Retirement System (CalPERS) and CommonWealth Pacific Capital (CWP Capital). The joint venture paid $858 million, or roughly $330 per square foot, to acquire the property in the fall of 2013. It’s backed by $550 million from Morgan Stanley.
TCW declined to comment, the Observer said. The owners of City National Plaza did not return requests for comment.
City National Plaza was built in 1972 as the headquarters for Atlantic Richfield Corporation. It has two 52-story, 700-foot-tall office towers containing 2.3 million square feet of office space, and 244,432 square feet of retail space.
[Commercial Observer] – Dana Bartholomew