LOS ANGELES, Nov 20, 2003 (BUSINESS WIRE) - In a move that will enhance its business capabilities in LosAngeles and underscore its commitment to downtown L.A., City NationalBank today announced that it has leased up to 310,000 square feet ofcommercial office space at what is now ARCO Plaza. It is the largestcommercial real estate lease signed in the city of Los Angeles thisyear and a milestone for owner Thomas Properties Group, whichpurchased the property less than one year ago.
City National Bank will occupy 12 of 52 floors in the property'ssouth office tower at 555 South Flower Street. The building will berenamed "City National Tower," with new signage appearing in September2004. 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 WealthManagement.
The bank also will relocate its nearby Library Tower bankingoffice to 6,600 square feet in a three-story building that sitsbetween the two ARCO Plaza office towers. Until then, that branch andthe bank's downtown business and private banking centers will remainin Library Tower.
The new City National Tower and the plaza banking office togetherwill form City National's expanded Downtown Los Angeles RegionalCenter, offering extensive private and business banking and wealthmanagement capabilities.
The entire property, which is located on Flower Street between 5thand 6th streets in the heart of L.A.'s business district, will berenamed "City National Plaza" in September 2005.
City National's move to this new location will begin next year andis expected to be completed in 2006.
"After 50 years of growth in multiple locations, this move by CityNational to one of Southern California's landmark properties willbring together many of our capabilities and more than 800 of ourcolleagues to one outstanding facility," said bank Chief ExecutiveOfficer Russell Goldsmith. "As a result, we will provide our clientshere in Los Angeles with even more convenient access to the full rangeof City National's outstanding financial products and services and thetalented team of bankers and financial advisors who deliver oursuperior relationship-based banking and financial solutions asCalifornia's premier private and business bank. This move underscoresour strong commitment to the revitalization of downtown Los Angeles,and will enhance the productivity and effectiveness of ourorganization."
Said Thomas Properties Group CEO James A. Thomas: "City NationalBank shares our vision for this center as the best office location andtenant environment in downtown. The bank is a leader in the L.A.business community and will be a strong addition to our project,contributing to the continued renaissance of the financial district."
City National is the largest bank headquartered in Los Angeles andone of the leading private employers in the city and county. When itsrelocation is complete, nearly 1,000 of its 2,300 colleagues will workin L.A.'s central business district. In addition to its new facilitiesat what will become City National Plaza, the bank will continue tooccupy space, including a ground-floor banking office, in the CityNational Bank building at 606 South Olive Street. It has been theresince 1967.
Designed by AC Martin Partners and built in 1972, ARCO Plazacontains approximately 2.6 million square feet of space. The twintowers and the plaza building are sheathed in forest-green granite andglass. For more than 30 years, this property has been a definingfeature of L.A.'s world-famous skyline.
A group of investors led by L.A.-based Thomas Properties Group, anational development and investment firm, purchased the property earlythis year and recently unveiled plans for a two-year, $125 millionimprovement program that will transform the future City National Plazainto a vibrant gathering place. In addition to restaurants andrevitalized retail establishments, the plaza will feature newfountains and state-of-the-art building systems.
"The many improvements announced by Thomas Properties Group werecritical to our commitment, and should ensure that City National Plazawill remain one of the premier addresses in Los Angeles," Goldsmithsaid.
City National Bank was represented in the negotiations by LynnWilliams, William Puget, Carl Muhlstein and Jeffrey Welch of Cushman &Wakefield of California, Inc., while the landlord was represented byKent Handleman, managing director of leasing for Thomas PropertiesGroup.
Thomas Properties Group and the California State TeachersRetirement System are the major investors in TPG Plaza Investments,the entity that owns the property. Kings Capital, a privately heldcompany managed by Picerne Investment Management Corp., is a member ofthe investor group.
For more information about Thomas Properties Group, visit theWebsite at thomaspropertiesgroup.com.
About City National
City National Corporation (NYSE:CYN) is a financial servicescompany with $12.8 billion in total assets. Its wholly ownedsubsidiary, City National Bank, provides banking, investment and trustservices through 54 offices, including 12 full-service regionalcenters, in Southern California, the San Francisco Bay Area and NewYork City. Thirty-one of these offices are located in Los AngelesCounty; 19 of them are in the city of Los Angeles. At September 30,2003, the company and its affiliates had $27.5 billion in investmentand trust assets under management or administration.
City National is ranked among America's top companies in Forbesmagazine's "Super 500" list. It also is one of the nation's top wealthmanagers, according to Barron's magazine.
For more information about City National, visit the company'sWebsite at cnb.com.
BACKGROUND: ARCO PLAZA
The landmark ARCO Plaza, under new owner Thomas Properties Group,is slated for major changes to restore its position as the finestoffice campus in downtown Los Angeles. The five-year, $125 millionprogram will transform the public plaza into a vibrant gathering placewith restaurants, revitalized retail establishments, dancing watersand state-of-the-art building systems. At night, dramatic lightingwill spotlight the towers on the skyline.
AC Martin Associates is collaborating with landscape architectLaurie Olin of Olin Partnership to activate the central public plazain the style of a European piazza. Plans include translucent canopiesthat shade a host of tables and chairs that are flexible and movableto accommodate tenant events and public activities. Further expandingdining options, a portion of the lobby of each tower will be convertedinto distinctive restaurant space with indoor and outdoor seating.
Herbert Bayer's eye-catching red sculpture, "Double Ascension,"which embraces a large central fountain, will be re-engineered as adancing-water display by WET(R) Design, the premier architect/engineerof imaginative water attractions.
Sussman/Prejza, the nation's top environmental design firm, hascreated elegant interior-illuminated signage sentinels for each cornerof the site. These translucent monuments accent the architecturalclassicism of the towers while heightening street level identity andproviding naming opportunities.
The retail space is being consolidated into one 80,000-square-footfloor and completely renovated with sophisticated graphics, engagingstyling and topflight goods and services. The 65,000-square-foot,three-story plaza building that Thomas Properties calls the "jewelbox" will include a City National Bank branch office. The rest of thisproperty is being contemplated for a variety of uses such as a museum,shops, restaurants and offices.
Note: A photo is available at URL:http://www.businesswire.com/cgi-bin/photo.cgi?pw.112003/bb3
SOURCE: City National Bank
Investor Contact:City National BankFrank Pekny, firstname.lastname@example.orgMedia Contact:City National BankCary Walker, email@example.comFor Thomas Properties GroupBarbara Casey, firstname.lastname@example.org
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