Largest new office lease in Downtown Los Angeles in 2023

CIM Group announced today that it has executed a long-term lease with international law firm Sheppard Mullin to bring its headquarters to City National 2CAL. The deal, consisting of a total of 119,217 square feet, represents the largest new office lease transaction in Downtown Los Angeles in 2023. Sheppard Mullin, one of the largest law firms in Los Angeles County, will occupy floors 39 through 42 and approximately 7,000 square feet on the Plaza level at City National 2CAL, CIM Group’s 1.4 million-square-foot, 52-story office building at 350 S. Grand Avenue in the Bunker Hill District of Downtown Los Angeles.

Founded in 1927, Sheppard Mullin is a full-service, AmLaw 50 firm known for handling corporate and technology matters, high-stakes litigation and complex financial transactions. Sheppard Mullin has more than 1,100 attorneys across 16 offices in North America, Europe and Asia.

As of today, Sheppard Mullin employs more than 450 employees in Los Angeles who will all be moving to its new City National 2CAL headquarters space in mid-2025.

Luca Salvi, chair of Sheppard Mullin, added: “We look forward to calling City National 2CAL our new home. Our Downtown Los Angeles office is our largest office and continues to add leadership and depth across our practices of renown. A new, modern and efficient workspace will accommodate both immediate and future growth needs that are beneficial to our clients and our culture. This new design will also provide more opportunities for collaboration and connection, which are keys to our success. CBRE partnered with us to achieve a great result at City National 2CAL.”

Since acquiring the property in 2014, CIM Group has implemented a program of capital and operational improvements at City National 2CAL. The entrances and plaza levels have been refreshed and modernized to create a more appealing lobby area and greater pedestrian connectivity that includes the addition of new restaurants, retailers and service businesses.

“This record lease for 2023 with a top-tier and respected organization such as Sheppard Mullin is an indication that a well-positioned, quality office asset remains an attractive location option for businesses. CIM Group continues to enhance the working and socializing environment at City National 2CAL both through our operations and property improvements to maintain a competitive position in the Downtown Los Angeles office market,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

In addition to the building’s interiors, CIM Group contributed to the comprehensive renovation of The Yard, a 1.5-acre central court and performance plaza shared with 1 CAL and the Omni Los Angeles Hotel. The new park-like plaza offers expanded and inviting public green spaces with spots for gathering on the lawn and enhances the audience experience when attending the outdoor Grand Performances.

Alongside CIM Group’s continued investment in capital and operational improvements is its commitment to sustainability. In August, City National 2CAL was recertified as LEED Platinum for another five years. It has also achieved the UL Verified Healthy Building Verification Mark for Indoor Air and Water and earned Fitwel®, ENERGY STAR, and WiredScore certifications.

CIM Group’s office leasing team in partnership with JLL represented the owner, and CBRE represented the tenant in the transaction.

For more information on City National 2CAL, visit www.citynational2cal.com.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.

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