LOS ANGELES, Aug. 25 /PRNewswire/ -- Comerica Bank announced it has executed a lease for high-rise office space and corner street-level retail space at one of the most prestigious addresses in Los Angeles' Westside, 2000 Avenue of the Stars, to serve as the Southern California headquarters for the bank and the location of a new branch bank.
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The Comerica offices and new bank branch will be in the north tower of a dramatic twin-tower 12-story building being built at Century Park, Century City's new landmark retail/office complex. The building is expected to be ready for occupancy in late 2006, according to Trammell Crow Company, the developer, project manager and leasing agent for 2000 Avenue of the Stars. Hathaway Dinwiddie is the general contractor.
J. Michael Fulton, President and Chief Executive Officer of the Western Division of Comerica Bank, said the Century City site will serve as the Southern California headquarters for the bank, combine offices from other locations, and provide additional new space for future Comerica growth in the Los Angeles region.
"We are growing throughout California, particularly in the Los Angeles region," said Fulton. "This new location, in the heart of the entertainment industry and centrally located to major Los Angeles businesses, is the ideal place to serve our customers and grow our business."
"Our new Century City branch will enhance our Westside branch cluster, joining branches in Beverly Hills, Westwood and the new Brentwood branch."
Brad Cox, Principal with Trammell Crow Company, stated: "We are proud to have Comerica, one of the nation's leading financial services firms, at 2000 Avenue of the Stars. Committed to delivering the highest quality financial services, Comerica will be a tremendous addition to our tenant roster. The bank will provide outstanding value to the project's tenants and the community-at-large."
The new branch bank will continue Comerica's expansion in Los Angeles that has accelerated in the past year, following the bank's entry into the market with the acquisition of Imperial Bank in 2001. Comerica Bank now has 22 branches in Southern California, including 14 in Los Angeles County.
Fulton said the Century City building will serve as the new headquarters for Southern California regional President David White, national headquarters for the bank's Entertainment division, and regional headquarters for the Wealth and Institutional Management division. Other Comerica business units moving to the new building include Middle Market, Commercial Real Estate, and International Lending.
The other tenant already announced for 2000 Avenue of the Stars is Creative Artists, the largest talent agency in the world.
The 2000 Avenue of the Stars project is rising on the site of a popular landmark, The Shubert Theatre, host of many movie premieres, and a large shopping mall, which were demolished in 2002.
Construction is on schedule for 2000 Avenue of the Stars, the Westside's newest and most significant office development, to open in October 2006. The building will offer large contiguous blocks of space, efficient floor plans providing space flexibility for large and mid-size tenants, and unrivaled amenities ranging from a unique four-acre park and cultural center to destination restaurants and stylish cafes.
With its dramatic geometric profile of stainless steel and sky blue glass walls, 2000 Avenue of the Stars will signal a renaissance for this prestigious super block destination known as Century Park. Together with the landmark Century Plaza Towers, the project will create a unified environment for business professionals, visitors and the community. Both the new development and the 2.3 million-square-foot Century Plaza Towers are owned by institutional investors advised by JPMorgan Real Estate.
The site also is the former back lot of 20th Century Fox studios where movie westerns were filmed 75 years ago. It is near West Los Angeles, Westwood and UCLA.
About Comerica Bank
The Western Division of Comerica Bank includes 54 branch offices in key California markets, including San Francisco, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento and Santa Cruz /Monterey, with a regional office in Phoenix, Ariz. In the second quarter of 2005, the bank's Western market generated 37 percent of the income for Comerica Incorporated, on nearly $13.6 billion in assets at June 30, 2005. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica Incorporated reported total assets of $54.7 billion at June 30, 2005. For more information, visit http://www.comerica.com/ .
About 2000 Avenue of the Stars:
2000 Avenue of the Stars is currently being developed at Century Park, the premier office, dining and community-gathering destination in the heart of Century City, California. The 790,000-square foot development will consist of a 12-story, Class "A" office building, destination dining, a promenade of cafes, a cultural center and a 4-acre lushly landscaped grand park. Designed by the internationally renowned firm, Gensler Architects, 2000 Avenue of the Stars will stand on the site of the former ABC Entertainment Center adjacent to the landmark Century Plaza Towers. Trammell Crow Company is the developer, project manager and leasing agent for 2000 Avenue of the Stars. Hathaway Dinwiddie is the general contractor.
About Trammell Crow Company:
Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the world. Through its Global Services Group, the company provides building management, brokerage and project management services to both investors in and users of commercial real estate. Development and investment services are provided through the company's Development and Investment Group. In addition to its full service offices located throughout the United States, the company has offices in Canada, Europe, Asia and Latin/South America focused on the delivery of real estate services to corporate customers. The company delivers brokerage services outside the United States through strategic alliances with leading providers -- in Europe and Asia, through Savills, plc, a leading property services company based in the United Kingdom; and in Canada, through JJ Barnicke, a leading Canadian real estate services provider. Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol "TCC" and is located on the Internet at http://www.trammellcrow.com/ .
About JPMorgan Asset Management:
JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for over $790 billion in assets under management, including $30 billion in real estate managed by JPMorgan Real Estate, as of March 31, 2005. With a 30-year history of successful investing and a staff of more than 160 real estate professionals, JPMorgan Real Estate identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells commercial properties, on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate markets provide critical insights for its institutional clients in both the public and private markets. Real estate research at JPMorgan Asset Management draws on the work of economists, capital markets researchers, equity analysts, and fixed income specialists to closely monitor and control risk to achieve optimal risk-adjusted returns.
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SOURCE: Comerica Bank
Web site: http://www.comerica.com/
http://www.trammellcrow.com/
