Newmark Group Inc. has arranged the sale of 601 South Figueroa St. — also known as 601 Fig or Fig at Wilshire — a 1,041,315-square-foot high-rise office tower in Downtown Los Angeles 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 and 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.”
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.
