C
alifornia Bank & Trust is relocating its Downtown Los Angeles office to the 62-story AON Center at Carolwood's 707 Wilshire Boulevard. The bank has leased 28,603 square feet of space in a long-term agreement, according to landlord broker Colliers. Average monthly asking rent for office space in DTLA was $3.81 per square foot in Q3 2024.

    The move marks a slight downsizing by the bank, which currently occupies an office just a block away at 550 South Hope Street. California Bank & Trust has 80 branches across the state and is a subsidiary of Utah-based Zion Bancorporation.

    Carolwood's Adam Rubin sees the deal as a positive sign for Downtown Los Angeles' recovery, citing the neighborhood's "clear material savings" for office tenants seeking Class A buildings at reasonable prices. Colliers' Ian Gilbert agrees, saying CB&T's relocation to the AON Center reflects the property's reputation as a prestigious address.

    The AON Center was purchased by Carolwood last year for $147.8 million and is now being marketed as a prime location for office tenants.