Coopers & Lybrand signs $90 million lease; accounting giant to move HQ to Two California Plaza.

Accounting firm Coopers & Lybrand last week signed a $90 million, 15-year lease to accommodate the relocation of its local headquarters to Two California Plaza, a 52-story office tower being built in downtown Los Angeles.

The deal is the most valuable lease transaction in downtown Los Angeles so far this year, downtown brokers confirmed. (Unocal Corp. is expected to sign an even more valuable lease by year-end, however.)

In April 1992, Coopers & Lybrand will relocate all 700 employees from its current L.A. headquarters at 1000 W. Sixth St., said Albert Thiess Jr., managing partner of Los Angeles operations. Coopers & Lybrand will occupy between 161,000 and 187,000 square feet at Two Cal Plaza, from the 44th or 45th floor up to the 50th.

"We're still finalizing our space plans," Thiess said. "But our plans are definitely to continue growing our practice in Los Angeles, and we clearly can't stay here (at 1000 W. Sixth St.) because there's just no room."

Coopers & Lybrand currently leases a 100,000-square-foot building at 1000 W. Sixth St. from Platt Commercial Enterprises, as well as a 30,000-square-foot building next door.

It had originally agreed to move its L.A. headquarters into a new tower that was to be built by Platt on the back side of the 1000 W. Sixth St. property.

But that agreement was terminated earlier this year, Thiess said, when Rick Platt, president of Platt Commercial Enterprises, was unable to line up financing. Still, Thiess added, "to the best of our knowledge, things are fine between us (Coopers & Lybrand and Platt)."

Platt, however, said last week that matters are not yet settled between the two firms.

"We have not yet determined the amount of damages we may have sustained (from Coopers & Lybrand terminating its agreement) and have not completed any discussions with them (Coopers & Lybrand) with regard to the liquidation of that presumed liability," Platt said.

Meanwhile, at Two Cal Plaza, Coopers & Lybrand will have three prominent signs attached to the building's exterior, carrying on the firm's somewhat unconventional approach to self-promotion in the traditionally understated world of accounting.

"Many of the major accounting firms are engaging in much more visible marketing activities now," Thiess said. "The future will probably see more signs, rather than fewer, in our profession.

Coopers & Lybrand's new signs at Two Cal Plaza will not be nearly as large or prominent as the firm's signs now on the exterior of the 1000 W. Sixth St. building.

All three of the firm's new signs at Cal Plaza will be at approximately ground level, Thiess said. One will have letters about six inches tall, and two signs will have letters between 12 inches and 18 inches tall.

Two California Plaza is slated for completion in February 1992. About 30 percent of the tower's 1.3 million square feet of space has now been preleased, reported Nyal Leslie, president of Metropolitan Structures West Inc., lead developer of the project.