In Downtown Los Angeles’s largest lease deal in years, On Location LA, an experiential hospitality company, has signed at 445 South Figueroa Street for its regional headquarters ahead of the 2028 Olympic and Paralympic Games.
Brokerage CBRE negotiated the lease on behalf of Washington Capital Management, the Los Angeles Times reported. The roughly 108,000‑square‑foot lease, encompassing six floors, marks the largest new office transaction in the downtown market since the fourth quarter of 2024, according to CBRE Research.
On Location LA handles ticketing, live event production and travel management in sports, entertainment, fashion and culture. The new location will serve as both a central office and a hospitality hub supporting Olympic‑related operations.
CBRE’s Christopher Penrose, John Zanetos and Kelli Snyder represented the landlord in the transaction.
“This lease reflects a rising demand from companies positioning themselves in the heart of the action as Los Angeles prepares to host the Olympic Games and other major global events,” Penrose said, according to the Times.
Washington Capital, led by Chair Cory Carlson, manages investments for pension funds, including real estate. In 2024, it brokered the purchase of 445 South Figueroa, previously known as Union Bank Plaza, for $80 million. The buyer was Southwest Carpenters Pension Trust, with Washington Capital managing the deal and later the asset.
The seller in the deal was Joel Schreiber’s firm Waterbridge Capital. Newmark’s Kevin Shannon, lead broker on the deal, called it a “win-win,” although Schreiber – known as the first investor in co-working unicorn WeWork – later told The Real Deal he didn’t have any equity in the building. Shannon said in a statement the pension fund paid about $100 per square foot, “a massive discount to replacement cost and peak pricing of approximately $500 per square foot.”
The Downtown L.A. office market continues a search for footing, as buyers pick up previously defaulted buildings and even celebs such as former boxer Oscar De La Hoya can’t cut mortgage checks.
– Joel Russell
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