2028 Olympics Partner Leases 108K SF In Downtown LA

Why It Matters

The lease demonstrates how the 2028 Olympics is catalyzing demand for premium office space, offering a rare boost to a market plagued by high vacancy and providing investors with event‑driven revenue opportunities.

Key Takeaways

• On Location leases 108k sf at 445 S. Figueroa St.
• Lease part of 2028 Olympics hospitality strategy.
• Building bought for $80 M by Southwest Carpenters Pension Trust.
• Downtown LA office vacancy hit 31.7% Q4 2025.
• Second major Olympics‑linked lease signed this year.

Pulse Analysis

The 2028 Summer Olympics is already reshaping Los Angeles’ commercial real estate landscape. On Location, a specialist in ticket‑and‑travel packages for marquee events, has secured 108,000 square feet in the former Union Bank Plaza at 445 S. Figueroa St. The space will serve as a regional hub for selling and managing ticket bundles for the Games, the FIFA World Cup and Super Bowl LXI, all slated to pass through the city. By anchoring its operations in a high‑visibility downtown tower, On Location signals confidence that the Olympic influx will generate sustained hospitality demand.

Downtown LA’s office market remains under pressure, with a 31.7 % vacancy rate in Q4 2025—the highest among the city’s submarkets—and roughly 144,000 square feet of negative absorption. The Southwest Carpenters Pension Trust’s 2024 acquisition of the 40‑story building for $80 million illustrates investor appetite for assets that can be repurposed for event‑driven tenants. The On Location lease, the second Olympics‑linked office commitment this year after the LA Organizing Committee’s 160,000‑square‑foot deal on Olive Street, suggests that large‑scale sporting events can temporarily reverse vacancy trends and attract premium tenants.

Beyond the immediate lease, the Olympics is expected to inject billions of dollars into the Southern California economy, spurring hotel construction, retail revitalization, and ancillary services. Companies that position themselves as official partners, like On Location, stand to capture a share of the projected $15 billion tourism spend. For investors, the lease offers a hedge against a soft office market, but the upside is tied to the Games’ execution and post‑event legacy planning. Stakeholders should monitor how quickly the space can be re‑leased or repurposed once the Olympic window closes.