City National consolidates.

In early 2007, City National Corp. will consolidate two of its City National Bank operations in Century City and open a new branch on the ground floor of Century Plaza Towers.

The new branch at the Century Park East complex is part of a new 25,000-square-foot lease deal the banking company has signed with the building landlord, One Hundred Towers LLC. The lease also includes non-branch office space. The value of the 15-year lease was not disclosed.

The banking company had previously occupied less prominent space in the office complex and jumped at the chance to lease "high visibility ground floor space," said Trammell Crow Co. vice president of leasing Jeff Lasky, who represented the landlord.

"From an economic perspective it's a fantastic deal," he said. "It strengthens Century City and reduces vacancy. It will draw a lot of other tenants to the market."

In its consolidation effort, City National Bank will close branches on Avenue of the Stars and a location below grade in the Century Plaza Towers, Lasky said.

"It's a great project for City National Bank," said Jones Lang LaSalle managing director St. John, who represented the banking company.

Brad Cox and Patti Gilbert of Trammell Crow also represented the landlord and Best of Jones Lang LaSalle also represented the tenant.