June 30, 2016
Covington Capital Management signed a renewal lease to remain at Figueroa at Wilshire for 10 more years. The 17,122-square-foot transaction involving the wealth management firm is valued at $7 million.
Built in 1990, Figueroa at Wilshire is a class A, LEED-certified, 52-story office tower owned by Brookfield Office Properties that encompasses more than one million square feet.
Avison Young’s Jonathan Larsen says Covington renewed its lease early as a hedge against DTLA’s improving market conditions. “We advised our client to begin renewal negotiations well in advance as downtown Los Angeles rents continue to trend upward and locational stability for the next decade was important to our client’s brand and services.’
Avison Young’s Larsen, Eric Moore and Chandler Larsen represented the tenant, while the landlord was represented in-house by John Barganski and Marin Turney.