Arco Subsidiary Leases 13 Floors of Transpacific Center
A subsidiary of Atlantic Richfield Co. has signed a 10-year lease,valued at more than $100 million, to occupy 13 floors of Transpacific Center, a 33-story office tower rising on 7th Street just west of the Harbor Freeway in downtown Los Angeles.
The center will serve as the headquarters of Arco’s refining and marketing division. About 500 Arco workers will move into the building when it is completed in November, 1988.
For the record:
12:00 a.m. Nov. 15, 1987 For the Record
Los Angeles Times Sunday November 15, 1987 Home Edition Real Estate Part 8 Page 3 Column 1 Real Estate Desk 2 inches; 51 words Type of Material: Correction
Due to inaccurate information provided to The Times, an article in the Nov. 8 real estate section incorrectly identified the commercial brokerage firms that represented Atlantic Richfield Co. and Transpacific Development Co. in a recently completed lease. Cushman Realty Co. represented Arco in the transaction and the Faulkner Co. represented Transpacific.
The agreement means the new office tower is 43% leased. Turner Construction Co. will rent 20,000 square feet in the building for its regional headquarters, and Transpacific Development Co.--the tower’s developer--will take 20,000 square feet of office space.
Cushman Realty Co. represented Transpacific in the transaction and The Faulkner Co. represented Arco.
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