The tens of thousands of motorists who pass through Downtown Los Angeles will soon see Chase Bank’s name atop one of the city’s skyscrapers. But unlike every other marquee-topped tower in the city, the bank’s name won’t be added to an office building. In a deal just signed with the luxury high-rise condominium tower at 11000 Wilshire Blvd., Chase will be the first company in Los Angeles to have its name place across the top of a residential building.
“Here in Southern California, I can’t think of any residential units that have building-top signage,” Tim Miller, a broker at Jones Lang LaSalle, tells the LA Times.
Each homeowner at 1100 Wilshire Blvd. was facing a possible $10,000 assessment fee to replace the building’s elevator system, explains the LA Times, and the Chase deal, which amounts to more than $2,000,000 over 10 years, helps offset that amount. It may even cover the entire cost, says Mark Tarczynski, a member of the association’s board of directors.
For Chase, the move provides considerable visibility downtown, as it continue to expand its presence in Southern California. Chase also plans to open a 2,500 square-foot branch in the building.
Homeowners voted 69 to 29 to add Chase’s name to the building, reports the LA Times.
“I think it’s smart,” said Miller. “The downside is you run the risk of feeling like your attractive residential tower has become a walking billboard. But if it’s one sign, tastefully done, and it keeps you from getting assessed, I think it’s not a bad decision.”
Is this a sign of things to come as brands look for creative ways to reach LA commuters and the city looks to curb such outdoor advertising as digital billboards and the extra-large banner ads once popular on the side of Hollywood buildings? Let us know what you think in the comments.
