Almost a year after the acquisition of the US Bank TowerSilverstein Properties continues to upgrade the second* tallest building in downtown Los Angeles.
This week, the New York-based real estate developer announced the installation of new murals by 15 Los Angeles-based artists on the top floor of the building, which are billed as the “tallest murals in the state of California”. Check them out in the attached drone footage.
A little closer to the field, Silverstein also announced two new lease signings in the building. Patent and civil litigation firm Skiermont Derby, LLP signed a seven-year lease for 4,500 square feet of office space on part of the building’s 58th floor, while Dechert, LLP expanded its existing lease of 9,700 square feet on the 49th floor of the tower with an additional 5,900 square feet. Skiermont Derby will move into its new offices at 800 Wilshire in the summer of 2022, while the Dechert expansion is expected to be completed in September 2022.
As part of a nationwide expansion, coworking giant WeWork is spending $5.2 million to launch its WeWork Growth Campus program in existing locations at 1601 N. Vine Street in Hollywood and 222 Pacific Coast Highway in El Segundo. The program offers mentoring, networking and education programs to members.
Here’s what we’re reading this week:
Hollywood hotels vetted for funding under visa program: ‘Not fair,’ critics say “Unite Here Local 11 joined 16 members of Congress in February to raise questions about this funding. The scrutiny was whether the investments had created the hundreds of permanent jobs, such as hotel cleaners and helpers, which were provided for by the program.” (LA Times)
Rail to Road and Back Again: LA’s Transit Renaissance “Los Angeles is famous for its freeways and traffic jams, but the metropolis actually started out as a railroad town – and it looks like it could soon be again. It’s a story of rise, demise and of the rebirth of a railway town.” (KCET)
A new downtown LA hotel is all about amenities. Guess where they put the pool “The building, completed in 1926 as the Commercial Club, has regained those elements after changing a great deal over the years, usually not for the better. Now it is owned by a Santa Monica firm specializing in large-scale transformation from historic properties to create unusual hostels for travelers weary or wary of high-end chain hotels.” (LA Times)
Eyes on the Street: Red Pavement Bus Lane Improvements in Downtown LA and East Hollywood “In related news, yesterday Metro announced that LADOT will be strengthening bus lane enforcement. This week, LADOT is issuing warnings for bus lane violations. Next week, LADOT will be issuing bus lane tickets. “
Amid student housing crisis, UCLA becomes first UC campus with four-year room guarantee “Since UCLA built its first four dormitories six decades ago in an effort to get away from a suburban campus, the university has known that students who live on campus do better. ‘UCLA has reached a unique milestone. With two new apartments opening this fall and offering 3,446 beds, UCLA will become the first and only University of California campus to guarantee four-year housing for freshmen. year and two years to transfer students this month.” (LA Times)
California attorney general says Pasadena violates state housing law “Housing advocates say Pasadena isn’t the only city to use historic designation as a way to exempt certain neighborhoods from SB 9. They say Bonta’s letter signals the state is taking a tougher approach to housing. cities that resist new housing.” (LAist)
Demolition work begins on PS3 “The City of Santa Monica’s planned demolition of Parking Structure 3, located on 4th Street between Santa Monica Boulevard and Arizona, was scheduled to begin Monday, March 14, following the conclusion of a legal battle which had been waged by local business owners against the city and the California Coastal Commission.(Santa Monica Daily Press)
Most of Metro’s new Crenshaw/LAX light rail line nears completion – opening could be December 2022 “If all goes well – which Crenshaw/LAX has not so far – the new rail line could open to the public as early as December. Although early 2023 seems most likely.” (Streetsblog LA)