MPG Office Trust, Inc. (NYSE: MPG), a Southern California focused real estate investment trust, announced that it has executed a lease renewal with Wells Fargo Bank at Wells Fargo Tower in the Bunker Hill area of downtown Los Angeles.
Wells Fargo Bank agreed to a ten-year lease renewal for the entirety of its current office, retail and museum space totaling approximately 291,000 square feet. Wells Fargo has the option, exercisable over the next three years, to contract its office space by 89,000 square feet. Wells Fargo also has the option, exercisable over the next two years, to expand its office space by 25,000 square feet.
David Weinstein, the Company’s President and Chief Executive Officer, commented, “Maintaining one of the premier, multinational financial services companies as a tenant at Wells Fargo Tower was an important objective of our Company. Wells Fargo has a significant presence in downtown Los Angeles and has been a tenant at Wells Fargo Tower since its construction in 1982. The lease renewal demonstrates Wells Fargo’s long-term commitment to downtown Los Angeles and to MPG Office Trust.”
About MPG Office Trust, Inc.MPG Office Trust, Inc. is the largest owner and operator of Class A office properties in the Los Angeles Central Business District. In addition to the 1.4-million-square-foot Wells Fargo Tower, MPG also owns and controls an additional 6 million square feet within One Cal Plaza, KPMG Tower, US Bank Tower, Gas Company Tower and 777 Tower. MPG Office Trust, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, leasing and financing. For more information on MPG Office Trust, visit our website at www.mpgoffice.com. Business Risks This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: risks associated with our liquidity situation, including our failure to obtain additional capital or extend or refinance debt maturities; risks associated with our failure to reduce our significant level of indebtedness; risks associated with the timing and consequences of loan defaults and non-core asset dispositions; risks associated with our loan modification and asset disposition efforts, including potential tax ramifications; risks associated with our ability to dispose of properties with potential value above the debt, if and when we decide to do so, at prices or terms set by or acceptable to us; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the continued disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with joint ventures; risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination.