Newmark Grubb Knight Frank today announced that Gibran Begum, managing director represented State Bank of India (California) in a 10-year, 19,052-square-foot lease at Aon Center, located at 707 Wilshire Blvd. in downtown Los Angeles. The space, which comprises the entire 29th floor of the 62-story, Class A office tower, will serve as the bank’s U.S. headquarters. The total consideration of the transaction is estimated at approximately $6.5 million. Beacon Capital Partners is the landlord.
One of downtown’s most prominent skyscrapers, 707 Wilshire is a 1-million-square-foot property in the center of the city’s central business district. State Bank of India (California) has been a tenant in the building for nearly three decades and will consolidate and expand existing offices currently located on different floors. The move is scheduled for mid-September.
“After a thorough review of the downtown market, we felt that 707 Wilshire continues to offer a strategic location for our employees and clients,” said Mr. Patel, vice president of Operations for State Bank of India (California). “Our long history at the property as well as the proximity to our new retail branch at the corner of 6th and Olive will position us to best serve the financial needs of our customer base.”
Begum also handled the 4,700-square-foot retail lease at 523 West 6th Street in Los Angeles for State Bank of India (California). The bank moved into their new retail branch earlier this year.
State Bank of India (California) was established in 1982 and is a fully owned subsidiary of its parent bank, State Bank of India, the largest commercial bank in India in terms of assets, deposits, branches and employees. State Bank of India (California) serves customers through 10 branches located in California and Washington, D.C.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank employ more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.