Newmark's Landmark Transaction: The Sale of 601 Fig Tower
Newmark Group's Major Real Estate Transaction
In a notable transaction, Newmark Group, Inc. (Nasdaq: NMRK) has facilitated the sale of the prestigious 601 South Figueroa Street, known informally as 601 Fig or Fig at Wilshire. This significant deal, valued at $210 million, represents a crucial milestone in the commercial real estate market.
Details About 601 Fig Office Tower
The 601 Fig tower stands as a monumental high-rise in downtown Los Angeles, boasting a vast 1,041,315 square feet of office space. The sale price of approximately $202 per square foot reflects the building's prime location and appeal. This iconic skyscraper is situated at the bustling corner of Wilshire Boulevard and Figueroa Street, contributing to the skyline with its elegant octagonal design and distinguished glass crown.
Transaction Team and Buyer Insights
Leading the transaction was Newmark's Co-Head of U.S. Capital Markets, Kevin Shannon, alongside Vice Chairmen Ken White, Rob Hannan, Laura Stumm, Michael Moll, and Director Alex Beaton. They successfully represented the undisclosed seller while providing in-depth market knowledge and insights throughout the process. The buyer, Uncommon Developers, was advised by Colliers team members Mark Schuessler, Jordon Garcia, and Sean Fulp.
Reflections on 601 Fig's Importance
Kevin Shannon expressed that 601 Fig is not just a building; it holds 'power business card' status in Los Angeles, emphasizing its significance to the city's corporate landscape. Rob Hannan added that the tower has been a crucial player in the market since its completion in 1990, and its sale opens new prospects for Uncommon Developers to enhance its status as a leading corporate environment.
A World-Class Office Environment
The 52-story structure provides an impressive range of amenities designed to foster a vibrant workplace atmosphere. It features dual lobbies with a magnificent 75-foot atrium, a modern fitness center, and an open-air plaza equipped with Wi-Fi, as well as diverse onsite dining options, including a coffee shop and casual restaurant.
Tenant Composition and Market Accessibility
When the building changed hands, it was 72% leased to a variety of tenants from multiple industries, showcasing a mix of strong national and regional credit profiles. A notable tenant is the professional services firm PricewaterhouseCoopers (PwC). The building's strategic location allows excellent access to vibrant downtown hotspots, including entertainment venues and public transport hubs like the 7th Street Metro station.
About Newmark Group
Newmark Group, Inc. (Nasdaq: NMRK) is recognized as a leader in commercial real estate, adeptly managing all stages of property life cycles. From owners to occupants, Newmark tailors its services to the unique needs of clients, ranging from international investors to promising startups. In the past year, Newmark has recorded revenues exceeding $2.8 billion, operating 165 offices globally, supported by a team of approximately 8,100 professionals across various continents.
Frequently Asked Questions
What was the sale price of 601 Fig?
The sale price of 601 Fig was $210 million.
Who represented the seller during the transaction?
The seller was represented by a team from Newmark, including key figures such as Kevin Shannon and Ken White.
What is the significance of 601 Fig in the market?
601 Fig holds a prominent position in the market as an iconic building, often referred to as having 'power business card' status.
What amenities does 601 Fig offer?
The tower offers amenities including dual lobbies, a fitness center, a Wi-Fi-enabled open-air plaza, and dining options.
Who are the key tenants of 601 Fig?
PricewaterhouseCoopers (PwC) is a notable anchor tenant in 601 Fig.
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