Thomas Properties Moves to Arco Plaza
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Los Angeles real estate investment and development company Thomas Properties Group has moved its corporate headquarters into Arco Plaza just three weeks after closing the estimated $270-million purchase of the downtown office and retail complex.
The 31-year-old structures need extensive renovation, real estate industry sources say, and Thomas may have to spend as much as $50 million to restore the property’s luster.
“We think it’s important to live in Arco Plaza in order to determine upgrades that will restore this complex to its preeminent position among downtown office towers,” said company founder James A. Thomas.
The 2.7 million-square-foot plaza is about 40% vacant, but Thomas said he has received substantial interest from major tenants since it became clear he would buy the buildings. Thomas Properties occupies a full floor, 25,000 square feet, in the north tower at 515 South Flower St. The company moved from nearby Wells Fargo Center.
Roger Vincent
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