City National Plaza
Los Angeles, California
City National Plaza, formerly known as ARCO Plaza, was originally designed and developed circa 1971 as the Class-A corporate headquarters for the Atlantic Richfield Company (ARCO). 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 over 4.6 million gross square feet.
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.