Silverstein Properties Bolsters U.S. Bank Tower with Major Leasing Wave

In a significant show of resilience for the Downtown Los Angeles commercial real estate market, Silverstein Properties has announced a flurry of leasing activity at the iconic U.S. Bank Tower. The Manhattan-based real estate powerhouse has secured over 55,000 square feet of new commitments at the 1,018-foot-tall skyscraper, marking a continued trend of high-profile occupancy that defies the broader narrative of stagnation currently plaguing older urban office cores.

The latest influx of tenants—ranging from legal giants and engineering innovators to civic advocacy groups—underscores the efficacy of Silverstein’s aggressive $60 million capital improvement program. By modernizing the building’s amenities and aesthetic appeal, the firm has managed to transform the historic landmark into a magnet for companies seeking premium workspace in the heart of Southern California’s financial district.

The Latest Leasing Surge: Breaking Down the Deals

The 55,349-square-foot leasing spree brings Silverstein’s total absorption at the 1.4-million-square-foot tower to more than 145,000 square feet over the past 12 months. This momentum is anchored by a diverse array of industry leaders:

• Morgan & Morgan: The prominent national injury law firm has demonstrated its long-term commitment to the location by expanding its footprint by 5,091 square feet. With this expansion, the firm now occupies 13,517 square feet, securing its presence through at least 2037.
• Buro Happold: The globally recognized engineering and design firm has committed to a new 13,682-square-foot, full-floor lease, signaling a vote of confidence in the building’s infrastructure and central location.
• Los Angeles Area Chamber of Commerce: In a move that anchors the building’s status as a nexus for regional commerce, the Chamber has signed a 10-year lease for 11,411 square feet. The organization will establish its new headquarters on the 32nd floor of the tower.
• ICF: The consulting giant is relocating its operations from 555 West Fifth Street to a 3,131-square-foot space within the U.S. Bank Tower, further consolidating the tower’s reputation as a preferred destination for high-end consultancy firms.

These new additions join a growing roster of blue-chip tenants that have recently signed on at the tower, including global professional services firm KPMG, law firm Wilson Elser, litigation powerhouse King & Spalding, and insurance giant Zurich North America.

Chronology of a Turnaround: From Acquisition to Revitalization

The story of the U.S. Bank Tower in recent years is one of strategic repositioning. Once the tallest building west of the Mississippi, the tower faced significant challenges following its acquisition by Silverstein Properties. As the COVID-19 pandemic reshaped the landscape of corporate office culture, the building—like many others in Downtown Los Angeles—was forced to navigate a difficult transition period characterized by high vacancy rates and a shifting demand for modern, hybrid-compatible office environments.

Silverstein Properties’ response was to initiate a comprehensive $60 million renovation project. The goal was to pivot away from the traditional, austere office model toward a "hospitality-driven" experience. This included upgrades to lobby areas, the creation of collaborative breakout spaces, and the integration of technology that supports the modern, agile workforce.

Over the last 18 months, this capital expenditure has begun to pay dividends. While the market for secondary and tertiary office space remains sluggish, the U.S. Bank Tower has successfully positioned itself as a "flight-to-quality" destination. Tenants are increasingly willing to pay a premium for buildings that offer not just floor space, but a lifestyle, connectivity, and prestige that helps them attract and retain top-tier talent.

Supporting Data: The L.A. Office Landscape

To understand the magnitude of these leases, one must view them through the lens of the current Southern California office market. According to data from Savills, countywide office leasing volume reached 4 million square feet in the third quarter—the most robust three-month period recorded since the start of the pandemic in 2019.

Despite this uptick in activity, the picture is nuanced. While overall availability has seen a slight decline compared to the previous year, the Downtown L.A. submarket continues to struggle with high vacancy rates and significant financial distress among owners of Class B and C assets.

The U.S. Bank Tower stands as an outlier in this environment. By securing nearly 150,000 square feet of leasing activity in a single year, Silverstein Properties is demonstrating that there is still a robust appetite for premium office space. However, the market is bifurcated; tenants are fleeing commodity-grade office buildings for "trophy" assets that provide superior amenities and proximity to public transit and lifestyle hubs.

Official Perspectives and Strategic Vision

Lisa Silverstein, CEO of Silverstein Properties, has been vocal about the firm’s strategy for the tower. In recent public statements, she acknowledged that the asset has performed better than the firm’s initial conservative projections, a testament to the "value-add" strategy implemented during the renovation phase.

The successful leasing execution is a collaborative effort involving both internal leadership and external brokerage power. Harlan Strader represented Silverstein Properties in-house, working in tandem with a powerhouse JLL team comprised of Jaclyn Ward, James Malone, Josh Wrobel, Marin Turney, and Sarah Hancock.

The complexity of these deals was highlighted by the involvement of multiple top-tier brokerages, including CBRE, Cushman & Wakefield, and Newmark, who represented the diverse interests of the incoming tenants. This level of professional coordination across the brokerage community suggests that the market for trophy assets in Los Angeles is beginning to stabilize as brokers and tenants find common ground on pricing and lease terms.

Broader Implications: What Does This Mean for Downtown L.A.?

The ongoing success of the U.S. Bank Tower has broader implications for the future of Downtown Los Angeles. For years, the city center has faced a "doom loop" narrative—where high vacancies lead to declining tax revenues, fewer services, and further degradation of the urban core.

The leasing momentum at U.S. Bank Tower serves as a potential blueprint for other landlords. It suggests that if developers are willing to commit significant capital to modernize their assets, they can attract high-credit, long-term tenants even in a challenging economic cycle. The move of the Los Angeles Area Chamber of Commerce, in particular, is symbolic; it reinforces the status of the tower as the functional "center" of the region’s economic engine.

However, challenges remain. The reliance on large, traditional law firms and consultancy companies to fill square footage is a familiar strategy, but the long-term future of office real estate will likely depend on a more diversified tenant base. Whether the U.S. Bank Tower can continue its trajectory depends on the broader macroeconomic environment, interest rate stability, and the continued willingness of employers to maintain large-scale physical footprints in urban centers.

For now, the U.S. Bank Tower remains a beacon of stability. It is a reminder that while the office market is undergoing a seismic shift, the desire for high-quality, centrally located, and technologically advanced workspaces remains a bedrock of the modern economy. As the city looks toward 2025 and beyond, the tower stands as a critical indicator of whether Downtown Los Angeles can reclaim its position as the premier business address in the West.

Key Stakeholders and Representation Summary:

• Landlord: Silverstein Properties (Represented by Harlan Strader and JLL)
• JLL Leasing Team: Jaclyn Ward, James Malone, Josh Wrobel, Marin Turney, Sarah Hancock
• Notable New/Expanding Tenants: Morgan & Morgan, Buro Happold, Los Angeles Area Chamber of Commerce, ICF
• Brokerage Firms Involved: CBRE, Cushman & Wakefield, Newmark, JLL