Financial Services Leader Partners with AEG and New Downtown Development in Multi-Tiered Marketing Agreement
June 1, 2007
Wachovia and AEG, developers of L.A. LIVE, announced 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; over 12 dining establishments; and, a 54-story / 1,001 room hotel / 224 luxury condominium tower which had its 'official' groundbreaking ceremonies earlier today.
\"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 you will make a significant difference to both the City of Los Angeles and L.A. LIVE,\" Leiweke added.
\"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.\"
AEG is one of the leading sports and entertainment presenters in the world. AEG, a wholly owned subsidiary of the Anschutz Company, owns or controls a collection of companies including facilities such as STAPLES Center, The Toyota Sports Center, Anaheim Arena (as preferred booking agent), The Target Center, Nokia Theatre Times Square, Nokia Theatre at Grand Prairie and Toyota Park. Additionally, AEG developed and operates The Home Depot Center, a $150 million national training center on the campus of California State University Dominguez Hills in Carson, California designated as an \"Official U.S. Olympic Training Site\" by the United States Olympic Committee. AEG Sports oversees sports franchises throughout the world including the Los Angeles Kings (NHL), Los Angeles Riptide (MLL) and three MLS franchises as well as events such as the Amgen Tour of California cycling road race and the ING Bay to Breakers foot race and an ongoing schedule of international soccer exhibitions in the United States. The company's live entertainment division, AEG LIVE is one of the world's leading concert promotion and touring organizations.
Additionally, AEG is currently overseeing the development of the 28-acre Millennium Dome and adjacent property located in the eastern part of London along the Thames River and will create The O2, which includes a 23,000-seat arena and over 650,000sf of leisure and entertainment use within the \"Dome', and additional arenas, O2 World, on 45-acres in central Berlin, Citizen's Business Bank Arena in Ontario, California and Sprint Center in Kansas City, Missouri as well as Red Bull Park, a soccer stadium in Harrison, New Jersey.
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking serving clients in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com. At March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 billion.
Vice President, AEG Communications
Wachovia Corporate Communications
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