#United States #Los Angeles #Newmark Group #601 Fig

Newmark Facilitates Major Sale in Downtown Los Angeles

In an impressive transaction, Newmark Group, a leading name in commercial real estate, has successfully arranged the sale of an iconic office building located at 601 South Figueroa Street, known as 601 Fig or Fig at Wilshire. This notable sale, valued at $210 million, translates to approximately $202 per square foot for the 1,041,315-square-foot structure, suggesting a robust confidence in the property amidst evolving market conditions.

The strategic sale involved prominent Newmark executives including Kevin Shannon, Co-Head of U.S. Capital Markets, alongside his colleagues Ken White, Rob Hannan, Laura Stumm, Michael Moll, and Alex Beaton, all of whom represented the undisclosed seller. The successful acquisition was rounded out by collaboration with Alex Foshay, Newmark’s Executive Vice Chairman, who focused on international capital strategies. Supporting roles were also played by Jonathan Firestone, Blake Thompson, and Henry Cassiday, who contributed insights into debt strategy and financing considerations throughout the transaction.

Uncommon Developers, the buyer, is poised to uphold the property’s status as a premier business environment, continuing its legacy within the thriving landscape of Downtown Los Angeles. “601 Fig is among LA's truly iconic office buildings,” remarked Shannon, emphasizing its enduring prestige and the strategic importance of the location. Known for its striking 52-story octagonal design with a glass crown, the building significantly contributes to the Los Angeles skyline, effectively commanding attention at the junction of Figueroa Street and Wilshire Boulevard.

Upon completion in 1990, the tower quickly garnered a reputation for hosting influential tenants, enhancing its stature within the commercial real estate market. With 72% of the building currently leased to a diverse range of industries, including the reputable PricewaterhouseCoopers (PwC) as its anchor tenant, its relevance remains unmistakable. This position not only assures a reliable income stream for Uncommon Developers but also enhances the building’s attractiveness to prospective tenants seeking quality office space in a prime location.

The property boasts numerous amenities tailored for modern professionals. These include dual lobbies featuring a vast 75-foot atrium, a contemporary fitness center, and an outdoor plaza equipped with Wi-Fi to foster collaboration and relaxation. Additionally, onsite dining options are thoughtfully included, appealing to a range of tastes with choices like a coffee shop and fast-casual restaurants.

601 Fig’s prime location offers seamless access to key destinations, including Crypto.com Arena, Microsoft Theater, and LA Live, significantly boosting its allure for current and future tenants. Furthermore, the availability of the nearby 7th Street Metro station ensures convenient transportation for employees and guests alike, enhancing the building’s functional appeal.

Newmark’s role in this transaction not only underscores its prowess in navigating high-stakes real estate deals but also reinforces its extensive network within the commercial property sector. As of now, Newmark continues to shine, with a reported revenue of over $2.8 billion for the year ending March 31, 2025. This achievement is a testament to its commitment to delivering superior service and innovative solutions to clients, whether they are owners, occupiers, investors, or startups.

With a global footprint spanning 165 offices and a professional team of approximately 8,100 across four continents, Newmark is well-positioned to lead the charge in the ever-evolving commercial real estate landscape. As they continue to drive forward with transactions of this magnitude, the market can expect more landmark deals that redefine urban business environments. The sale of 601 Fig is not merely a transaction but symbolizes a merging of legacy and future potential in one of America's most dynamic cities.