Bank of China Signs $3-Mil Expansion Lease

LOS ANGELES-The Bank of China has signed a $3-million deal to renew and expand its office space at Downtown’s Citibank Center office complex.

Under terms of the seven-year lease, the bank will occupy all 14,571 sf of Citibank Center’s 39th floor. The highrise stands at 444 S. Flower Street.

Bank of China is one of its nation’s four big state-owned banks. It opened its LA branch at Citibank Center in 1988 to help Chinese companies do more business in America and to promote more US investment overseas.

The bank also has two offices in New York.

Cushman & Wakefield senior director Clayton S. Hovivian, along with C&W broker Marco A. Vartanian, represented Bank of China in the transaction. John Ollen of Insignia/ESG represented the owner, Meijiseimei/Pacific Freeholds.