John Hancock Inks 22 KSF Office Lease in LA
The property is now 86 percent occupied.
John Hancock Real Estate, a Manulife Investment Management’s independent subsidiary, closed on a 22,115-square-foot, full-floor leasing deal at 515 S. Figueroa St., an office building in Los Angeles’ central business district.
The tenant United Way of Greater Los Angeles will relocate on the property’s ninth floor for 15 years, with moving-in scheduled for April 2025.
The deal brings the building’s occupancy rate at 86 percent. Other tenants at the 21-story tower include Manufacturers Bank, Taico Properties, IDS Real Estate Group and IA Interior Architects, among others, CommercialEdge shows.
Newmark worked on behalf of the tenant, while Avison Young represented the landlord.
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John Hancock Real Estate has been the owner of 515 S. Figueroa St. since it came online in 1982. The company is the longest-tenured office landlord in the metro’s downtown area, according to Avison Young.
The 437,787-square-foot Class A building includes seven passenger elevators, floorplates ranging between 20,000 and 22,564 square feet, 9,752 square feet of retail space and 519 parking spots. Additionally, the LEED certified property features a new conference center, fitness center, on-site day care and outdoor courtyard.
The mid-rise tower has access to interstates 10 and 110 and is 17 miles from Los Angeles International Airport and within 25 miles of Long Beach Airport.
Managing Director Ron Burkhardt and Senior Managing Director Steven Salas with Newmark negotiated on behalf of United Way of Greater Los Angeles. Avison Young’s Principal John Eichler and Senior Vice President Tyler Stark represented the landlord as exclusive leasing brokers in charge of the property. The company is also providing property management services.
Recent relocations in Los Angeles
Office vacancy rates in the U.S. remained in the high teens across Western markets, with Los Angeles recording the lowest rate at 16.3 percent as of September, down 10 basis points over a 12-month period, according to a recent CommercialEdge office report. The metro’s average asking rent price stood at $43.04 per square foot, matched by San Diego, securing the third spot across the most expensive metros in the West.
Recent office deals include Concord’s 32,241-square-foot agreement at Wilshire & Palm, the redeveloped creative office building in Beverly Hills, Calif. The global music company will move to its new location in the third quarter of 2025.
In September, Jamison inked a 21,000-square-foot long-term deal at The Harbor Building, in the metro’s Wilshire Corridor submarket. The tenant is women’s fashion label L’AGENCE, that will relocate its headquarters from the city’s Arts District.
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