- Bank of Hope signed a ~50,000-SF headquarters lease at the Aon Center in Downtown Los Angeles, relocating from Koreatown.
- The deal underscores a broader shift toward high-end, amenity-rich office buildings despite elevated vacancy rates.
- Recently upgraded Class A towers are outperforming older properties as tenants prioritize quality, location, and experience.
Bank of Hope is moving its headquarters to the Aon Center in Downtown Los Angeles, marking another notable lease in a market still working through post-pandemic challenges, reports the Commercial Observer. The bank will occupy roughly 50,000 SF at the 62-story tower at 707 Wilshire Boulevard.
Back to Downtown
The relocation from Koreatown reflects a growing trend of companies choosing Downtown over the Westside. While leasing activity remains uneven, a steady stream of deals suggests renewed momentum in the city’s central business district.
By the Numbers
The lease was brokered by Colliers on behalf of building owner Carolwood, with Avison Young representing the tenant. The Aon Center, a 1.1 MSF tower, has emerged as a top-tier option following significant upgrades completed in recent years.
Carolwood acquired the property in 2023 at a steep discount and has benefited from prior renovations, including a redesigned lobby, fitness center, and modern conference facilities. The building has since attracted multiple tenants, including another bank headquarters lease signed shortly after the acquisition.
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Flight to Quality
Even as Downtown LA office vacancy hovers near 32%, demand has concentrated in newer, highly amenitized Class A buildings. Properties like the Aon Center are outperforming older assets as tenants seek elevated workspaces that support employee experience and long-term efficiency. This trend mirrors broader leasing momentum seen in major markets, where rising deal activity is beginning to signal a potential office sector rebound.
Why It Matters
The deal highlights a defining trend in today’s office market: companies are leasing less space overall but are willing to pay for higher quality. This “flight to quality” is reshaping leasing dynamics, leaving outdated buildings struggling to compete.
What’s Next
If leasing momentum continues in premium assets, Downtown Los Angeles could see a more uneven recovery, with top-tier towers stabilizing first while Class B and C properties face ongoing pressure to reposition or redevelop.
