A prominent office tower in downtown Los Angeles has recently been made available for sale. Located at the bustling intersection of Figueroa and 7th Street, the 24-story tower is known as 660 South Figueroa St. and is marketed by Newmark with guidance pricing undisclosed.
Originally designed by AC Martin and constructed by Swinerton Construction, the property is the former Home Savings of America headquarters and comprises 284,505 rentable square feet. Its features include Italian marble, ornate custom murals and other distinctive architectural elements such as triangular gables and octagonal turrets.
Moreover, ownership has demonstrated a commitment to enhancing the property over the last decade, investing $11.9 million, or $42 per square foot, in tenant suites, common areas and building systems.
With 37 percent of its space currently leased to 17 tenants, 660 Figueroa offers investors the opportunity to assemble up to 125,213 square feet of contiguous space. This flexibility could provide space to potential owner-users or those seeking to lease Class A office environments in one of downtown Los Angeles’ most sought-after locations. Additionally, only 12 percent of the property’s leases expire before 2027, ensuring an income stream through 2026.
In a market characterized by high barriers to entry, where 70 percent of Class A properties are concentrated among six owners, 660 Figueroa presents an attractive deal size. The average size of comparable properties is 925,000 square feet, indicating substantial leasing potential and significant total deal consideration, according to Newmark. Over the past five years, downtown LA has seen seven office sales with an average price of $193 million and an average size of 714,000 square feet.
Situated amidst a backdrop of vibrant development, 660 Figueroa enjoys proximity to renowned venues such as the crypto.com arena and LA Live, further enhancing its appeal. The area also features strong local demographics, with 61 percent of residents working downtown and 50 percent under the age of 40, coupled with a median household income of $107,000.
