Staples Center will be renamed Arena in a $700 million naming rights deal.

The deal will last for 20 years.

The 20,000-seat arena has been Staples Center since it opened in October 1999, with the naming rights owned by the American office-supplies retail company under a 20-year agreement.

In addition to hosting games by the Los Angeles Lakers, Los Angeles Clippers and Los Angeles Kings, it has hosted 19 Grammy Awards, three NBA All-Star Games as well as memorials for Michael Jackson, Nipsey Hussle and Kobe Bryant.

The Lakers have won six championships since moving to the arena.