LOS ANGELES — Three leading national firms, Dykema Gossett, Grant Thornton LLP and Esquire Depositions, have signed new leases at FourFortyFour South Flower, according to Coretrust Capital Partners, owner of the 48-story iconic downtown Los Angeles tower. The building has been widely recognized by independent science-based organizations for its best-in-class, state-of-the-art health and wellness technologies, rigorous operational standards and outdoor spaces.
“Coretrust is delighted to welcome these three preeminent firms to FourFortyFour,” said Thomas S. Ricci, Coretrust founder and Managing Principal. He noted that employee health and safety are paramount for these new tenants who chose the building for its smart, safe and amenity-rich environment.
Dykema, a leading national law firm, has leased the full 22nd floor, approximately 21,750 square feet for 12 years. Its move-in is set for December 2022. Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, is leasing the entire 31st floor, approximately 18,500 square feet, for 11 years and will take occupancy in September 2022. Esquire Depositions, a major litigation support provider, has signed a 7.5-year lease for approximately 3,600 square feet on the 21st floor and plans its move this June.
Coretrust is hacking the curtain wall of the FourFortyFour tower to create 1,000-square-foot loggia terraces on the 22nd floor for Dykema and on the 31st floor for Grant Thornton LLP. Coretrust pioneered this ingenious method of creating outdoor space indoors by building the first loggia in its offices on the 6th floor, Ricci notes.
“We designed, won government approvals and built our loggia four years ago prior to COVID-19 but we have experienced the exceptional value of this space during the pandemic when we could flood our floor with light and fresh air. The loggia plus technologies we installed that give us virtually medical-grade air quality in the building led most of our staff to continue coming to work throughout the pandemic,” Ricci adds.
“A compelling reason for us to choose FourFortyFour is the unique loggia/terrace that Coretrust is building for us. It will open our floor to fresh air and natural light, a benefit that is not available in other office towers and one that will make our office healthier and more productive for our staff and visitors,” said Paul R. Boken, Chief Operating Officer, Dykema. “The terrace is large enough for meetings and receptions and we look forward to hosting in-office events in our own outdoor space.”
With these leases, Coretrust has signed more than 60,000 square feet of leases at FourFortyFour in the past six months. Brokers involved with the new leases include Tony Morales, Lalo Diaz and Maureen Hawley of JLL for Dykema; Eric Duncanson of Cushman & Wakefield for Grant Thornton LLP; and Jeff Lipson and Craig Miller of Stone-Miller for Esquire.
“Our firm’s hybrid work model means that when our people want to collaborate and engage with one another, they need to do so in a safe, appealing and state-of-the-art office,” said Cathy Hyodo, Grant Thornton LLP’s managing partner for Los Angeles. “FourFortyFour fits that bill perfectly. Not only is it a beautiful, modern space for our people to work and socialize in, but it uses innovative architectural features to combine indoor and outdoor elements. This approach creates a unique and terrific working environment rarely seen in downtown Los Angeles, and it contributes to a safer indoor environment for our professionals.”
“We are seeing a flight to scientifically verified healthy office environments, a trend we think will accelerate as employees demand safe workplaces to go back to the office and employers increasingly seek carbon neutral buildings,” Ricci says.
Coretrust is recognized as an industry leader in establishing smart and safe office health environments certified by global third-party science organizations that independently audited and validated its office buildings. FourFortyFour recently became one of the first office buildings to be awarded the UL Tier-3 Healthy Building Mark for Indoor Environment, UL’s most rigorous test for a building’s indoor environment verifying top performance in five critical areas — air, water, hygiene, light and acoustics.
One year ago in April 2021, FourFortyFour became the first building globally to earn the UL Verified Healthy Building Mark for Indoor Air and Water. It is also one of the first large scale commercial office buildings to receive ISSA’s Global Biorisk Advisory Council (GBAC) Star Certification and WELL Building Institute’s Health and Safety Certification. In addition, it has earned LEED Gold Certification from the U.S. Green Building Council.
“Tenants now can verify an individual building’s health through independent third-party certifications that use scientific evidence to judge indoor air quality, ventilation, water system safety, equipment room cleanliness, and deep cleaning and sanitizing. This is changing office property values for both tenants and investors,” Ricci states.
A powerful in-air-duct Ultraviolet C Germicidal Irradiation air purification system, Biowall MAX from Sanuvox Technologies, delivers maximum air quality at FourFortyFour, reducing pathogens by 99.9%. Along with the addition of MERV-14 air filters, the HVAC system is virtually eliminated as a source of virus transmission. Elevators have been completely modernized with touchless destination dispatch systems while Coretrust maintains continuous air purification in elevator cabs through bi-polar ionization generators.
Among the smart technologies at FourFortyFour are ADIBOT UV-C Robots placed in high occupancy and sensitive areas at night to disinfect air and surfaces against COVID-19 and other harmful airborne pathogens. The ADIBOT UV-C robots are the first to be deployed at any office building in the U.S.
The value of outdoor spaces such as open-air atriums, plazas, terraces and gardens has been underscored by the pandemic and FourFortyFour has over 20,000 square feet of these areas, expanded and designed by Gensler with shade, seating and landscaping. The addition of WiFi and a Distributed Antennae System (DAS) make these spaces highly popular with tenants for meetings, dining and even fitness activities.
Tenants also are drawn to Coretrust properties because of the firm’s strong commitment to incorporating environmental, social and corporate governance (ESG) into decision-making. Coretrust properties have achieved carbon neutrality, increasingly important to tenants and investors, and the firm is a signatory to the United Nations-supported Principles for Responsible Investing (UN PRI), joining other leading proponents of responsible investment around the globe.
Coretrust believes its comprehensive commitment to health, wellness and sustainability distinguishes its properties as Smart, Safe and Beautiful and among America’s Best Workplaces, Ricci concludes.
About Coretrust Capital Partners
Coretrust Capital Partners, LLC (“Coretrust”) is a privately owned national real estate investment, development, and management/operating company. Coretrust is nationally recognized for the development and redevelopment of well-located and architecturally distinct office properties. Over their 30 years working together, the Coretrust founders have become known for creating value for investors through their ability to provide tenants market leading office environments with exceptional design, amenities, sustainability, and wellness. Coretrust is a Registered Investment Advisor providing fiduciary investment management services to institutional clients in both co-investment and separate accounts. Coretrust maintains offices in Los Angeles, Philadelphia, and Dallas. For more information, visit www.coretrustcapital.com.