LOS ANGELES—Jade Enterprises has acquired the Figueroa Tower, located and 660 South Figueroa Street in Downtown Los Angeles’ financial district. Following the acquisition, the firm named Cushman & Wakefield the exclusive leasing agent for the 25-story, 331,000-square-foot office building.
Director Rich Grande, senior managing director Andrew McDonald and leasing agents Michael Seidman and Alex Cameron will lead the leasing efforts on behalf of Cushman & Wakefield. The team plans to target leading financial, professional and high-tech firms. The building has small floor plates that make it attractive, so it is flexible for full-floor tenants. The firm will focus on both existing and prospective tenants. The leasing team did not comment further on the leasing efforts.
Jade Enterprises plans to renovate the building and build both creative and traditional office spaces, and, according to Cushman & Wakefield, has allotted a significant amount of capital for the renovations. Designed in an 16th century French Renaissance style by AC Martin and Associates, the property has an Italian marble exterior and a two-floor lobby. It was originally inspired by the New York Plaza Hotel.
The office market in Downtown Los Angeles is only growing. Recently, GlobeSt.com reported that 45% of the 110,000 square feet leased at Brookfield Office Properties-owned properties in the downtown market were from out-of-market tenants. Brookfield’s downtown properties include the 55-story Bank of America Plaza; the 52-story Figueroa at Wilshire tower; the 41-story Ernst & Young Plaza office tower; the 45- and 55-story Wells Fargo Center towers; and 777 Tower.