Los Angeles, California
The ARCO Towers were originally designed and developed circa 1971 as Class-A corporate headquarters for the Atlantic Richfield Company. Improvements include two 52-story towers, a three-story bank building between the towers, four levels of underground parking, retail and service areas. The development contains approximately 4,629,481 gross square feet, including approximately 778,108 square feet of retail and below-grade parking and an eleven-story off-site parking garage.
After initial construction and occupancy, the development was sold and converted to multi-tenant office space. Following years of neglect to back-of-house components, the deterioration of building systems resulted in close to 42% unoccupied space. During a shortened due diligence period, PR&A was tasked with developing a budget for returning the facility to Class-A status. Our work was performed for a potential investor during a competitive bid process, as they refined their best and final offers. PR&A’s team of professionals evaluated the various systems and developed hypothetical leasing strategies to determine the magnitude of cost to return the facility to its previous grandeur.