LOS ANGELES (CelebrityAccess MediaWire) — Wachovia and AEG, developers of L.A. LIVE, have entered into a multi-year agreement naming the nation's fourth-largest bank holding company as an initial "Founding Partner" of the $2.5 billion / 4- million-square-foot sports, residential and entertainment district adjoined to the Los Angeles Convention Center and AEG-developed and owned Staples Center.
As the exclusive financial services partner of L.A. LIVE and Staples Center, Wachovia will benefit through prominent branding, proprietary events, consumer promotion and client entertainment within the 27-acre downtown Los Angeles development currently under construction. Additionally, Wachovia will handle all financial transactions for each of the AEG-managed assets operated within L.A. LIVE including Staples Center. Already under construction, L.A. LIVE features: NOKIA Theatre l.a. live, a 7,100-seat indoor theatre set to open this October; broadcast studios for ESPN; a 14-screen Regal Cineplex; Club NOKIA, a 2,300 capacity live music venue; the Lucky Strike bowling center; more than 12 dining establishments; and a 54-story / 1,001-room hotel / 224-unit luxury condominium tower.
"From the business, marketing and community perspectives, Wachovia is truly the ideal organization we were hoping to bring in as a Founding Partner for L.A. LIVE," said Timothy J. Leiweke, president & CEO, AEG. "In less than six months, Wachovia has clearly invested in our state and community in the right ways on so many levels. While their understanding of what's important and how this city does business has been remarkable, what makes them such an outstanding company is their intelligent expansion on a business level and their total commitment to making a difference with their community initiatives. We are confident Wachovia will make a significant difference to both the City of Los Angeles and L.A. LIVE."
"This partnership reinforces our commitment to expanding business and providing new jobs to the people of the City of Los Angeles and Los Angeles County," said Dan Fleishman, director of Wachovia's Sponsorships and Alliances group. "L.A. LIVE is a one-of-a-kind property that enables us to reach the diverse Southern California population in a memorable way, weave Wachovia into the fabric of the community and serve as a source of pride for our employees in California and across the country." –Bob Grossweiner and Jane Cohen