Newmark Group, Inc., a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the company has arranged the sale of 601 South Figueroa Street — also known as 601 Fig or Fig at Wilshire — a 1,041,315-square-foot high-rise office tower in Downtown Los Angeles. The asset sold for $210 million, equating to a price of approximately $202 per square foot.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll and Director Alex Beaton represented the undisclosed seller. Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay worked alongside the aforementioned Newmark team. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday provided support on debt strategy and financing considerations throughout the transaction process. Mark Schuessler, Jordon Garcia and Sean Fulp of Colliers advised the buyer, Uncommon Developers.
“601 Fig is one of LA’s truly iconic office buildings at the renowned corner of Wilshire Boulevard and Figueroa,” said Shannon. “This investment sale will provide long term upside for yet another patient and well-capitalized family office buyer.”
“Since its completion in 1990, 601 Fig has always had ‘power business card’ status in the city,” added Hannan. “Standing in its majestic 75-foot lobby, you get the sense that you are in a special place, a place where a big deal is about to be made. Uncommon Developers will continue 601 Fig’s reputation as one of LA’s premier corporate environments.”
Located at the intersection of Figueroa Street and Wilshire Boulevard, Fig at Wilshire is a 52-story office tower with a distinctive octagonal design and glass crown, contributing to Downtown Los Angeles’ skyline. The property offers a range of amenities, including dual lobbies with a 75-foot atrium, a modern fitness center, a WiFi-enabled open-air plaza and onsite dining options, including a coffee shop and fast-casual restaurant.
At the time of sale, the building was 72% leased to tenants from diverse industries, with many representing strong national and regional credit profiles. Professional services firm PricewaterhouseCoopers (PwC) serves as the anchor tenant. The property’s prime location provides easy access to key Downtown Los Angeles destinations, including Crypto.com Arena, Microsoft Theater, LA Live, Fig at 7th and the 7th Street Metro station, a central rail hub.
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