By Marion Apio | California Local News Fellow

Banc of California has opened a 40,000-square-foot office in Downtown Los Angeles as Mayor Karen Bass seeks to attract more private-sector investment in the city center.

The bank’s chairman and CEO, Jared Wolff, said the new office represents a tangible commitment to Los Angeles, where Banc of California is headquartered.

“This is our home, and we believe that it’s important for us to invest in the city,” Wolff said at the opening.

Wolff said Downtown must be active, safe and growing, attracting businesses, residents, visitors and international investment. Los Angeles has significant economic assets, he said, including its people, entertainment and creative industries, technology, trade and small businesses.

The challenge is creating an environment where businesses want to invest and grow, while the government and the private sector work together, Wolff said.

Mayor Karen Bass said the bank’s decision to establish a Downtown office is the kind of private-sector investment she wants to see as the city works to bring more activity to the area.

Banc of California moved its headquarters from Orange County to Brentwood in 2023. Bass said she was particularly pleased when the bank later decided to establish a Downtown presence.

“This is what we need in Downtown Los Angeles,” Bass said.

Bass said about 90,000 people live downtown and that bringing more people into the area is part of making it safer.

She said the Los Angeles Police Department has deployed officers more strategically throughout Downtown, including around the entertainment corridor near L.A. Live, and increased patrols. The city has also expanded foot patrols, she said.

Bass also pointed to Metro’s outreach and efforts to clear homeless encampments and said the city will launch “Vibrant to Vacant,” a program aimed at filling empty storefronts with small businesses.

The city is also looking to the expansion and modernization of the Los Angeles Convention Center to bring more visitors and economic activity Downtown. Bass said 16 major conferences have been secured, with more than 100,000 attendees expected to generate more than $340 million in economic impact.

Nell McCosker, president and CEO of the Central City Association, said Downtown’s importance extends beyond its boundaries.

“Downtown occupies 1% of the city’s land area, but generates 30% of essential taxes and 16% of the region’s jobs,” McCosker said.

“When Downtown works, L.A. works,” she said.

McCosker said CCA launched Revive DTLA a year ago, focusing on public safety, street cleaning and sanitation, and efforts to put vacant storefronts back into use.

She said recent investments in Downtown, including the convention center modernization and work involving Oceanwide Plaza, can reinforce one another by increasing confidence among companies and institutions considering whether to invest, expand or maintain their presence in the area.

Maria Salinas, president and CEO of the Los Angeles Area Chamber of Commerce, said the bank’s expansion is significant because businesses demonstrate confidence through investment.

“Confidence is not expressed through words alone; it’s demonstrated through action,” Salinas said.

She said the bank’s presence could help create opportunities for businesses and entrepreneurs through access to capital and contribute to job creation and economic growth.

Stephen Chung, president and CEO of the Los Angeles Economic Development Corp. and World Trade Center Los Angeles, said the bank’s investment also has significance beyond Downtown.

Chung described Downtown as a regional economic and civic center where finance, government, law, arts, culture, hospitality, transportation and international commerce intersect.

He also pointed to the 2028 Olympic and Paralympic Games as an opportunity for Los Angeles businesses.

Chung said an LAEDC report developed with LA28 identified more than 146,000 businesses across the region with operations relevant to Games-related procurement. He said LA28 has committed to directing 75% of addressable spending to local businesses, including 25% to small businesses.

Chung said access to capital and partnerships will be important if local businesses are to take advantage of that opportunity.

The bank’s Downtown investment also builds on a previous commitment to the city. According to the mayor’s office, Wolff pledged $1 million to support the city’s Contract Financing Program, which is intended to help small businesses pursue city contracts.

Bass also announced that Wolff will chair her Executive Business Cabinet, a group of business leaders working with the mayor’s office.

The speakers at the opening described the bank’s new office as part of a larger effort to attract businesses, investment and visitors to Downtown.

But the opening also comes as the city continues to address public safety, homelessness, vacant storefronts and the changing role of office space Downtown.

For Wolff, the bank’s presence is a long-term investment in the city where it is headquartered.

“This is our home,” he said.