Olympic Hospitality Giant On Location Secures 108,000 Square Foot Lease at Historic Union Bank Plaza in Downtown Los Angeles

Olympic hospitality partner On Location secures 108,000 SF at Union Bank Plaza, providing a major boost to the struggling Downtown Los Angeles office market.

By: AXL Media

Published: Mar 28, 2026, 8:31 AM EDT

Source: Information for this report was sourced from Bisnow

Olympic Momentum Provides Lifeline to Downtown Commercial Real Estate

The upcoming 2028 Olympic and Paralympic Games are beginning to exert a tangible influence on the Los Angeles property market, specifically within the city’s beleaguered central business district. On Location, a firm specializing in high-end travel and ticket packages for global sporting events, has finalized a 108,000 square foot lease at the iconic former Union Bank Plaza. This move signals that the operational requirements for hosting a global mega-event are starting to translate into significant physical footprints, offering a glimmer of hope for a commercial sector currently defined by high vacancy and negative absorption.

The Strategic Acquisition and Repurposing of Union Bank Plaza

The 40-story skyscraper at 445 South Figueroa Street, which contains approximately 675,000 square feet of office space, has undergone a transition in ownership that set the stage for this deal. In 2024, the Southwest Carpenters Pension Trust purchased the landmark property for 80 million dollars, a price point reflecting the broader valuation adjustments seen across the metropolitan area. By securing a tenant of On Location’s caliber and scale, the new owners are successfully positioning the tower as a hub for the various organizational entities tasked with executing the city's multi-year sports hosting roadmap.

Countering the Record High Vacancy Rates in the Los Angeles Core

This lease agreement arrives at a critical juncture for Downtown Los Angeles, which recorded an unprecedented 31.7 percent office vacancy rate in the final quarter of 2025. With roughly 144,000 square feet of negative absorption reported in the same period, the entry of a massive tenant like On Location provides a necessary offset to the trend of corporate downsizing. While the broader market continues to grapple with the shift toward hybrid work and reduced demand for traditional floorplates, the specific needs of the Olympic hospitality apparatus are proving to be a unique driver of large-scale site acquisition.