92,000 s/f Chubb Insurance lease takes landmark to 80%.

LOS ANGELES: Thomas Properties Group, Inc. has completed two significant lease transactions, signing Chubb Insurance for 92,562 s/f and Psomas for 41,235 s/f, at City National Plaza.

Since acquiring the property in 2003, Thomas Properties Group has invested $185 million in a comprehensive program of renovations and upgrades which, coupled with the firm's premier management and leasing teams, has transformed City National Plaza and moved it from 80% vacant to 80% leased.

"City National Plaza has long been an iconic property in Los Angeles. It holds a prominent position in the heart of the city. We have worked diligently to modernize the facilities with new systems as well as updated common areas such as the building lobbies and the large outdoor plaza on Flower Street," noted James A. Thomas, chairman and CEO, Thomas Properties Group. "It is gratifying to see the fruits of our hard work. City National Plaza is now filled with a variety of top companies and soon we will welcome new restaurants to the plaza, fulfilling our goal to create more life and energy on the street level."

Chubb Insurance, which is expected to take occupancy in February 2008, has leased almost four floors in the 555 S. Flower tower.

Psomas will move its corporate headquarters to one-and-a-half floors in the 555 tower in December. Psomas is a consulting engineering firm specializing in the land development, water and transportation markets. Ralph Simmonds of Simmonds Realty and Chris Holland of Coldwell Banker Westmac represented Psomas in the lease transaction.

"With these leases there are no more large blocks of space available at City National Plaza. This changes the leasing dynamic of the downtown commercial office market," noted Kent Handleman, senior vice president for leasing, Thomas Properties Group. Among the last remaining spaces at City National Plaza are the former Bank of America headquarters on the top floor of the south tower, and two floors at the top of the north tower, which were Arco's headquarters.

On the plaza level, a portion of the center "jewel box" building is being renovated for a 7,000 s/f Chaya restaurant. Offering indoor and outdoor dining, Chaya will open in the Spring of 2008. Thomas Properties Group is currently in negotiations with another prominent restaurateur for the adjacent space.

As part of its comprehensive property improvement program, Thomas Properties Group has restructured the retail concourse, now named 505 Flower, to make it more open with new lighting, finishes and fixtures. It now includes a 30,000 s/f 24-Hour Fitness facility and a number of full-service restaurants along with several quick-serve eateries

Thomas Properties Group executives, Kent Handleman and Charlie Smith, vice president of leasing, represented the company in the transactions.