Avison Young Tapped to Lease LA Trophy Tower

Figueroa at Wilshire is the ninth-tallest building in Los Angeles. Image courtesy of CommercialEdge

Brookfield Properties has selected Avison Young as leasing agent for Figueroa at Wilshire, a 1.1 million-square-foot Class A+ office tower in Los Angeles’ Financial District. Principal John Eichler and Senior Vice President Tyler Stark will oversee leasing at the 52-story trophy high-rise.

Designed by Albert C. Martin & Associates, Figueroa at Wilshire—formerly known as Sanwa Bank Plaza—came online in 1990. Brookfield Properties has been its owner for nearly two decades, having purchased it from Hines Interests in 2005 for $357 million, according to CommercialEdge information.

Prior to picking Avison Young, the firm provided in-house leasing services at the property. Currently, the tower’s tenant roster comprises both local and international banking, engineering, investment, law and commercial real estate service companies.

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Avison Young’s new assignment will encompass the entirety of the LEED Gold-certified tower’s office and retail spaces. Featuring 21,102-square-foot floorplates, Figueroa at Wilshire is the ninth-tallest building in Los Angeles. Tenants have access to conference areas, a fitness center, a café, dry cleaners, a bike room, outdoor seating, a private lounge and on-site electric vehicle charging stations.

Situated at 601 S. Figueroa St. in Los Angeles’ central business district, the property’s neighbors include the Wilshire Grand Center, the tallest building in the Western U.S., as well as the City National Plaza complex.

Los Angeles office space: a tale of highs and lows

At the tail end of a difficult year for the office sector, Los Angeles’ market has seen both successes and setbacks. According to a recent CommercialEdge market update, the metro has the nation’s largest sales volume year-to-date through October, totaling $1.86 billion. On the flipside, leasing activity and occupancy have declined, with a recent JLL report showing a downward-trending year-to-date net absorption of 4.7 million square feet and a vacancy rate of 26.1 percent.

The city’s downtown saw its largest lease of the year this week, with Sheppard Mullin inking nearly 120,000 square feet at City National 2CAL, a 1.4 million-square-foot tower.