Newmark Facilitates $210 Million Sale of Iconic Office Tower in Downtown Los Angeles' Financial District

Rhea-AI Summary

Newmark (NMRK) has facilitated the sale of 601 South Figueroa Street, a prominent 1,041,315-square-foot office tower in Downtown Los Angeles, for $210 million ($202 per square foot). The iconic 52-story building, known as 601 Fig or Fig at Wilshire, features a distinctive octagonal design and glass crown. The property, completed in 1990, is currently 72% leased with PricewaterhouseCoopers as the anchor tenant. Notable amenities include dual lobbies with a 75-foot atrium, modern fitness center, WiFi-enabled open-air plaza, and onsite dining options. The building's strategic location provides access to key downtown destinations including Crypto.com Arena, LA Live, and the 7th Street Metro station. Uncommon Developers acquired the property from an undisclosed seller, with the transaction supported by various Newmark executives.

Positive

• Sale price of $210 million demonstrates significant market value for prime commercial real estate
• Strategic location near key Downtown LA destinations and transit hub enhances property value
• 72% occupancy with strong national tenant PricewaterhouseCoopers as anchor
• Premium amenities including fitness center, WiFi plaza, and onsite dining options

Negative

• 28% vacancy rate in the building indicates leasing challenges
• Sale price of $202 per square foot suggests potential market value compression for office assets
• Office market uncertainty in downtown LA amid changing work patterns

Insights

Commercial Real Estate Expert

Newmark secures significant revenue through $210M iconic LA office tower sale, demonstrating deal-making strength amid challenging office market conditions.

Newmark's successful facilitation of the $210 million sale of 601 South Figueroa Street represents a notable transaction in Downtown Los Angeles' commercial real estate market. At approximately $202 per square foot for a 1.04-million-square-foot tower, this pricing reflects current market realities for urban office assets. The 72% occupancy rate with anchor tenant PricewaterhouseCoopers provides stable income while offering value-add potential for the buyer.

The transaction's significance extends beyond its dollar value. The involvement of Newmark's senior leadership team—including Co-Head of U.S. Capital Markets Kevin Shannon and multiple Vice Chairmen—underscores this deal's importance to the firm. By successfully marketing an iconic property during challenging conditions for the office sector, Newmark demonstrates its continued ability to execute complex, high-value transactions.

The buyer profile is equally noteworthy. Described as a "patient and well-capitalized family office," Uncommon Developers represents a growing trend of private capital stepping into commercial real estate as institutional investors have become more selective. Family offices typically have longer investment horizons and greater flexibility than institutional investors, making them valuable buyers in transitional markets.

For Newmark, this transaction represents meaningful fee revenue and reinforces their position as a leading broker in major markets. Their ability to close significant deals in the current environment speaks to their market relationships and execution capabilities—critical differentiators in the commercial real estate services sector.

LOS ANGELES, June 4, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), 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 7^th and the 7th Street Metro station, a central rail hub.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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SOURCE Newmark Group, Inc.

FAQ

What is the sale price of 601 South Figueroa Street in Los Angeles?

601 South Figueroa Street sold for $210 million, which equates to approximately $202 per square foot.

Who bought the Fig at Wilshire office tower from Newmark?

Uncommon Developers purchased the property, while Newmark represented the undisclosed seller in the transaction.

What is the current occupancy rate of 601 Fig office tower?

The building is 72% leased to tenants from diverse industries, with PricewaterhouseCoopers (PwC) serving as the anchor tenant.

What are the key amenities at 601 South Figueroa Street?

The property features dual lobbies with a 75-foot atrium, modern fitness center, WiFi-enabled open-air plaza, and onsite dining options including a coffee shop and fast-casual restaurant.

How many square feet is the Fig at Wilshire office tower?

The Fig at Wilshire is a 1,041,315-square-foot high-rise office tower.