Sidley Austin, a Chicago-based law firm, is making significant changes to its office space in Downtown Los Angeles. Sidley Austin will be relocating to CIM Group’s Two California Plaza, located at 350 South Grand Ave., according to a second quarter Los Angeles office market report from Savills.
The move will result in a substantial reduction in the firm’s office footprint, as it will occupy approximately 57,000 square feet at the new location. This downsizing represents a significant 58 percent decrease compared to its current space at the Gas Company Tower, a 45-story building that was previously owned by Brookfield. That property is currently in receivership, according to industry reports.
At present, Sidley Austin occupies around 136,000 square feet in the Gas Company Tower at 555 West 5th Street. The law firm’s lease for this space is set to expire next year, as indicated in an annual report from the entity overseeing Brookfield’s Downtown Los Angeles properties.
Brookfield faced financial difficulties earlier this year when it defaulted on a $350 million loan associated with the Gas Company Tower. Consequently, the building was placed under the control of a court-appointed receiver, who is responsible for leasing the property and holds the authority to sell it.
