Los Angeles-based Lockton Insurance Brokers Inc., a commercial insurance brokerage, announced that it has signed a seven-year lease for an additional 23,994 square feet of corporate headquarters space at downtown’s Ernst & Young Plaza. The new lease represents an expansion to accommodate Lockton’s rapid growth, bringing the company’s total square footage to just under 72,000 on floors 35 through 37 of the 41-story office tower.
“Lockton has grown steadily with an average revenue growth rate over the last eight years in excess of 30 percent per year,” said Lenny Fodemski, managing director of Lockton Insurance Brokers Inc. “I am pleased that the steady growth in our physical location reflects our ability to attract new business through our high level of client service and unique approach to risk management.”
Fodemski also attributes the company’s growth to Lockton’s client retention rate in excess of 98 percent and corporate culture that attracts the most resourceful minds and experience in the industry. Since Lockton relocated its corporate headquarters to Ernst & Young Plaza in 1997, the company has grown from 34 employees to over 250.
“Our agreement calls for an option to lease an additional four floors for future expansion, which we hope to achieve in the next 12 years based on our past performance,” added Fodemski.
Wolcott Architects is the architecture firm and Turelk is the tenant improvement contractor for Lockton’s new space on the 37th floor, which the company plans to occupy in the beginning of 2005.
Christina Noonan of the Staubach Company in Los Angeles represented Lockton in lease negotiations with Ernst & Young Plaza.