Newmark Group, Inc. (Nasdaq: NMRK), a powerhouse in commercial real estate advisory, has masterfully brokered the sale of 601 South Figueroa Street — affectionately known as 601 Fig or Fig at Wilshire. This isn’t just any transaction; it’s the transfer of a 1,041,315-square-foot high-rise office tower in Downtown Los Angeles, fetching a cool $210 million, or approximately $202 per square foot. This striking 52-story office tower, with its distinctive octagonal brown concrete mixture of elegant glass and emerald crown, seems to mimick nature itself, and is a prominent feature of the Downtown Los Angeles skyline and a long time architectural favorite amongst the visitors, residents and workers alike.
Photos provided by Newmark Group, Inc
The Newmark team, a veritable who’s who in capital markets, orchestrated this complex sale. Co-Head of U.S. Capital Markets Kevin Shannon led the charge, alongside Vice Chairmen Ken White, Rob Hannan, Laura Stumm, and Michael Moll, and Director Alex Beaton, representing the undisclosed seller.
Adding an international dimension, Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay collaborated with the aforementioned team. On the crucial debt strategy and financing front, Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson, and Director Henry Cassiday provided invaluable support. The buyer, Uncommon Developers, was advised by Mark Schuessler, Jordon Garcia, and Sean Fulp of Colliers.
A “Power Business Card” on the Skyline
Kevin Shannon aptly described 601 Fig as “one of LA’s truly iconic office buildings at the renowned corner of Wilshire Boulevard and Figueroa.” He emphasized that this investment sale is poised to deliver significant long-term upside for a “patient and well-capitalized family office buyer.”
Rob Hannan added, with a nod to its architectural gravitas, that “Since its completion in 1990, 601 Fig has always had ‘power business card’ status in the city.” He painted a vivid picture for architecture aficionados: “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.”
Architectural Grandeur and Prime Location
Perched at the nexus of Figueroa Street and Wilshire Boulevard, Fig at Wilshire is a striking 52-story office tower that commands attention with its distinctive octagonal design and elegant glass crown – a true contributing element to Downtown Los Angeles’ dynamic skyline.
Beyond its captivating facade, the building boasts a suite of amenities designed for the discerning tenant. These include dual lobbies featuring an impressive 75-foot atrium that speaks to its grand scale, a modern fitness center for the health-conscious professional, a WiFi-enabled open-air plaza offering a refreshing urban oasis, and onsite dining options, including a convenient coffee shop and a fast-casual restaurant.
A Stark Reality
Despite its architectural grandeur, the 601 S Fig building has sold for significantly less than its previous value. At the time of the sale, the building was 72% leased, with a sale price 42% less than when developer giant Brookfield Properties purchased the property at the price of $343 million in 2005.
