Thomas Properties Group is planning major changes at Arco Plaza in downtown Los Angeles. The developer plans to redevelop the public spaces of the 2.7 million sq. ft. landmark office complex under a two-year, $125 million program.
Encompassing an entire city block, Arco Plaza was built in 1973 as the world headquarters for Atlantic Richfield Co. and the Southern California headquarters for Bank of America and features twin 52-story office buildings. Now, Thomas Properties Group, along with the California State Teachers Retirement System, are the major investors in TPG Plaza Investments, the entity that purchased the plaza in January. “Arco Plaza is a timeless architectural classic and we are committed to improvements that will make it better than new,” says James Thomas, CEO of Thomas Properties.
Thomas plans to renovate the complex's central public plaza in the style of a European piazza with wireless access to the Internet, several restaurants and dancing water displays. In addition, the firm will revitalize the retail portion of the complex into one 80,000 sq. ft. floor, called Crossroads at Flower, that will serve the 15,000 people who work in the complex, as well as another 50,000 people who work within one block of the buildings.
The plaza's lobbies also will be updated with contemporary lighting, wall and floor coverings and security features, including a card reader access system.