MPG Renews Lease with Wells Fargo - Analyst Blog
September 18 2012 - 6:00AM
Zacks
Los Angeles, California-based
MPG Office Trust, Inc. (MPG), a
real estate investment trust (REIT), recently inked a ten-year
lease renewal deal with Wells Fargo Bank for total office space of
approximately 291,000 square feet at Wells Fargo Tower.
MPG Office Trust has been active on portfolio restructuring and
high class tenant retention as it recovers from the commercial real
estate downturn during the recession. The company had
previously disposed its various non-core properties located in
Orange County, Glendale and other parts of Los Angeles to focus on
the acquisition and management of strategic core market properties
in California.
Wells Fargo Tower, the 54-storey renowned office building, spans a
total space of 1,391,000 square feet. The tower is located on the
top of Bunker Hill in downtown Los Angeles and is among the key
market properties of MPG Office Trust. The tower is in close
proximity to well known properties like The Marriott, Millennium
Biltmore, the Hilton Checkers and The Standard hotels. Some of the
recognizable tenants of the tower, besides Wells Fargo Bank, are –
Oaktree Capital Group, LLC (OAK),
Gibson, Dunn & Crutcher, and Dewey & LeBoeuf LLP.
Wells Fargo Bank, the unit of San Francisco-based Wells
Fargo & Co. (WFC), is the fourth
largest bank in the U.S. The bank, which has been a tenant at the
Wells Fargo Tower since its inception in 1982, has total space
comprising of office, retail and a museum. As per the deal, the
bank has the option to contract the office space by 89,000 square
feet, over the next three years. Moreover, the financial firm also
has the option to expand the space at the property by 25,000 square
feet, exercisable over the next two years.
MPG Office Trust is the largest owner and operator of Class A
office properties in the Los Angeles Central Business District. The
company owns, manages, acquires and develops high class office and
real estate properties primarily in the Southern California
market.
We presently have a long-term Neutral recommendation on the stock.
It also carries a Zacks #3 Rank (a short-term Hold rating).
MPG OFFICE TRST (MPG): Free Stock Analysis Report
OAKTREE CAP GRP (OAK): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
METALDYNE PERFORMANCE GROUP INC. (NYSE:MPG)
Historical Stock Chart
From May 2024 to Jun 2024
METALDYNE PERFORMANCE GROUP INC. (NYSE:MPG)
Historical Stock Chart
From Jun 2023 to Jun 2024