Paul Hastings, a leading global law firm, announced today that the firm, recently helped Korean Air Lines reach important milestones for its Wilshire Grand redevelopment project in downtown Los Angeles. Korean Air Lines has now begun work on its approximately $950 million mixed use project, located at one of the prime locations in the financial district. Korean Air Lines recently began demolishing the existing obsolete hotel and will start vertical construction later this year. The project, which is currently the largest private construction project in Los Angeles, will consist of a 900 room four plus star hotel with ballrooms and convention facilities, approximately 380,000 square feet of office space and 200,000 square feet of restaurants, retail and other amenities in a single 72 story tower with attached podium building. Construction of the project will continue through 2016 and the project opening is scheduled for January 2017.
Over the last 12 months, a Paul Hastings team led by Los Angeles-based Real Estate partner Mitch Menzer obtained a complex set of entitlements for the project, including a transfer of floor area for up to 2.5 million square feet of development, transient occupancy tax subsidy, a state-of-art electronic sign program, a design flexibility program and a development agreement. Mitch Menzer also handled the negotiation of the Project Management Agreement, advised on financing strategies and is handling the office and retail lease brokers agreements and various follow on land use compliance matters.
A team of Paul Hastings attorneys in several offices are advancing the project into the construction phase. Orange County Real Estate partner John Simonis and associate Antonella Castro negotiated the general construction contracts and architect’s contract. Los Angeles Real Estate partner Rick Kirkbride and associate Lauren Giovannone are negotiating the hotel management agreement. Los Angeles Real Estate partner Pat Ramsey is advising on office leasing matters. San Francisco-based Employment partner Bob Kristoff negotiated the Project Labor Agreement with trade unions and is advising on other labor relations issues. San Francisco-based Litigation partner Grace Carter is advising on insurance issues.
