2028 Olympics Hospitality Team Signs Big Office Lease in Downtown L.A.
On Location, owned by Ari Emanuel's Endeavor, will take about 15 percent of the rentable space at Union Bank Plaza
By Greg Cornfield April 3, 2026 10:20 am
reprints
The official hospitality provider for the 2028 Summer Olympics has signed Southern California’s biggest office lease so far this year in Downtown Los Angeles.
On Location — which fulfilled the same role for the 2024 Summer Olympics in Paris and the 2026 Winter Olympics in Italy — signed for 108,272 square feet at the 40-story Union Bank Plaza. That’s a little more than 15 percent of the rentable space at 445 South Figueroa Street.
Terms of the lease were not disclosed.
Prominent media and entertainment company Endeavor, run by legendary Hollywood power broker Ari Emanuel, acquired On Location for $660 million in 2020.
Additionally, Hathaway Dinwiddie Construction reportedly signed a 17,554-square-foot lease for the 16th floor at the same building.
On behalf of the Southwest Carpenters Pension Trust, Washington Capital Management acquired the 701,888-square-foot Union Bank Plaza about 18 months ago for $80 million, or almost $114 per square foot. Before that, the office building traded for $110.5 million in 2023, and for $208 million in 2010.
For a more recent comparison, Capital Group is under contract to acquire the 55-story Bank of America Plaza around the corner for about $150 per square foot.
KBS Realty Advisors also notably completed a $20 million renovation at the Union Bank Plaza before selling it three years ago.
Downtown L.A. has a 31.8 percent office availability rate, according to a first-quarter market report from Savills, while Greater L.A.’s rate is at 27.3 percent. The average rent in Downtown L.A. is at $3.76 per square foot per month, below the larger market’s average of $4.06 per square foot.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
