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Grant Thornton LLP Los Angeles Office Relocating to Larger Quarters at City National Plaza

^{Published on 2011-09-26 06:08:00 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--The Los Angeles office of Grant Thornton LLP has signed a 10-year lease with Thomas Properties Group (NASDAQ:TPGI) for 24,979 square feet of office space, taking an entire floor in the north tower at the City National Plaza complex in the financial district of downtown Los Angeles. The audit, tax, and advisory services firm is increasing its space significantly to accommodate the growth of its current Los Angeles staff and support expansion in the marketplace. The relocation is scheduled for December 2011.

"With many distinctive options in the area, this culminates an exhaustive search and we are impressed with all that the City National Plaza has to offer."

aWe are delighted to move our office to such a premier location in downtown Los Angeles,a said Joel Anik, managing partner for Grant Thorntona™s Southern California practice. aWith many distinctive options in the area, this culminates an exhaustive search and we are impressed with all that the City National Plaza has to offer.a

aGrant Thornton is a respected firm and a great addition to the roster of top companies that have selected to locate at City National Plaza,a noted James A. Thomas, chairman and CEO, Thomas Properties Group. aCity National Plaza is an iconic property and a stabilized asset in our portfolio at approximately 89 percent leased.a

City National Plaza encompasses an entire city block in Los Angelesa™ central business district. The Plazaa™s 2.7 million square feet of space consists of twin 51-story office towers, one plaza level building and four subterranean levels consisting of retail shops, boutiques and services. The ground floor features two premier restaurants, Chaya and Drago Centro.

Thomas Properties Group in partnership with the California State Teachersa™ Retirement System acquired the complex in 2003 and has since completed a $200 million, comprehensive program of renovations and upgrades and enhanced the propertya™s amenities. In 2010, the 38-year-old complex had the distinction of being one of the largest and oldest properties to earn LEED Gold certification.

Designed by A.C. Martin Partners and built in 1972, the buildings are sheathed in forest-green granite and glass. For more than 30 years this property has been a defining feature of LA.a™s world-famous skyline. Grant Thorntona™s new location will be on the seventh floor at 515 S. Flower Street between Figueroa, Fifth and Sixth Streets.

Grant Thornton was represented by Executive Vice Presidents Scott Goldman & David Kluth and Senior Vice President Mike McKeever of UGL Services. Thomas Properties Group Senior Vice President Kent Handleman represented the company in the lease transaction.

About Grant Thornton LLP

The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd., one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership as each member firm is a separate and distinct legal entity. In the U.S. visit Grant Thornton LLP at [ www.GrantThornton.com ].

About Thomas Properties Group

Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit [ www.tpgre.com ].

Forward Looking Statements

Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGIa™s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2010, and contained in our reports on Form 10-Q for fiscal quarters during 2011, which have been filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.