Downtown L.A. Office Market Struggles: Another Law Firm Downsizes Amid Rising Vacancy Rates

Hill, Farrer & Burrill LLP Relocates to City National Plaza

Hill, Farrer & Burrill LLP has signed a lease for 25,000 square feet at 515 South Flower Street, located at City National Plaza in Downtown Los Angeles. This move represents a nearly 25 percent reduction from their current 33,000-square-foot space at One California Plaza.

Current and New Locations:

• Current Location: One California Plaza, 300 South Grand Avenue, owned by Digital Bridge and Rising Realty.
• New Location: City National Plaza, 515 South Flower Street, owned by CommonWealth Partners.

Move Details:

• The law firm will relocate in June 2025.
• The new space is part of a 52-story property designed by AC Martin Partners.

Brokerage:

• JLL represented the tenant, with Tom McDonald, Mike McKeever, and Tony Morales handling the lease.
• John Bendetti represented the landlord, CommonWealth Partners, in-house.

Market Trends:

• The lease aligns with current office market trends, characterized by renewals and downsizing, particularly among law firms and financial companies.
  -Despite challenges, there is a recent uptick in office attendance, which may improve demand in the LA office market.

Implications:

• A reduction in interest rates and increasing office attendance are expected to spur renewed demand across LA’s diversified tenant base, according to JLL’s third-quarter office report.