Banamex USA, a subsidiary of Citigroup, renewed its lease for 38,000 square feet in Century Plaza Towers, 2029 Century Park East, Century City. The financial services company occupies the 41st and 42nd floors of the 44-story office tower.

Banamex USA was represented in the 10-year transaction by Josh Gorin, senior managing director and Mark Sullivan, executive vice president, with the Los Angeles office of global tenant advisory firm Studley.

We proactively took advantage of depressed market conditions to secure our client's current and future real estate requirements at very favorable terms, including a reduced rental rate and significant concessions, said Gorin. The transaction is also structured to provide maximum flexibility going forward. In return, the landlord retained a financially strong and prestigious tenant.

Century Plaza Towers, designed by Minori Yamasaki, consists of twin, 44-story towers, totaling 2.3 million square feet.

The landlord, JP Morgan, was represented in the transaction by Jeff Lasky of CBRE.