Silverstein Properties, a leading real estate developer, announced another milestone at its iconic U.S. Bank Tower in Downtown Los Angeles. The company has successfully secured three new tenants. Sompo International, Akerman and Continental Casualty Company have all signed leases for space at the tower, according to a report from Commercial Observer.
Global insurance brokerage firm Sompo International is relocating from its current Financial District office to the U.S. Bank Tower. The firm has committed to a 10-year lease for a 20,582 square foot space on the 51st floor.
Akerman, a global law firm, has signed a multi-year lease agreement to occupy the entire 64th floor, which totals 13,306 square feet. Akerman is relocating its space from the nearby CalEdison building.
Continental Casualty Company (CNA) is a commercial property and casualty insurer. The company is taking 6,084 square feet at the U.S. Bank Tower, moving from its current location at 100 Wilshire Blvd. in Santa Monica.
Exact financial terms of these leases remain undisclosed.
Located at 633 West Fifth St., the U.S. Bank Tower stands 72 stories and totals approximately 1.4 million square feet. The property was developed in 1989 and has been owned by Silverstein Properties since 2020, when it was acquired for $430 million.
Since then, the property has undergone a $60 million capital improvement program to modernize the building, according to Silverstein’s website. The renovation will redesign 35,000 square feet of common spaces.
Currently, the property is home to a number of other tenants, including Lewis Brisbois Bisgaard & Smith, US Bank, Marsh & McLennan, Lincoln International, Gordon Rees, King & Spalding and Skanska.
