United Way of Greater L.A. to Move and Shrink Downtown L.A. Office Footprint
The nonprofit’s new 22,000-SF lease cuts its office space by more than one third
By Nick Trombola November 4, 2024 4:43 pm
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Nonprofit organization United Way of Greater Los Angeles has opted to shrink its office footprint and move about a mile away from its current location in Downtown L.A.
The organization inked a roughly 22,000-square-foot deal with landlord John Hancock Real Estate at 515 South Figueroa Street. The new lease, which has a term of 15 years, slashes United Way’s footprint by more than a third from its current digs at 1150 South Olive Street, according to the Business Journals, citing CoStar (CSGP).
The new deal brings the 21-story tower to nearly 90 percent leased. Other tenants include IDS Real Estate Group, Orangetheory Fitness and Law Offices of Choi & Associates. United Way plans to move to the building in April, per the Business Journals.
Newmark (NMRK)’s Ron Burkhardt and Steven Salas represented United Way in the deal, while Avison Young’s John Eichler and Tyler Stark represented John Hancock Real Estate.
Representatives for United Way did not immediately respond to a request for comment.
Among the more notable downsizing deals to hit Downtown L.A. lately was the Southern California Gas Company’s decision to take 200,000 square feet at CIM Group’s CityNational 2CAL building, just one block away from its former home and namesake building, the Gas Company Tower. The utility company’s lease, spread across eight floors at CityNational 2CAL, is about a third less than its former space.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
