Newmark Facilitates Long-Term Downtown Lease for United Way of Greater Los Angeles

November 1, 2024 9:00 AM

Newmark[1] announces the signing of a long-term lease with United Way of Greater Los Angeles ("UWGLA") at 515 S. Figueroa Street in downtown Los Angeles. UWGLA will occupy 22,115 square feet of the 437,778-square-foot property, owned by John Hancock Real Estate. The landmark property will serve as the new base of operations for UWGLA, whose mission is to create pathways out of poverty and fight homelessness across Los Angeles County.

Newmark Managing Director Ron Burkhardt and Senior Managing Director Steve Salas represented UWGLA in the lease transaction. Managing Director Gillian Sutton, who leads Newmark's Project Management team in Southern California, will assist in overseeing the project build-out.

John Eicher and Tyler Stark of Avison Young represented the landlord in the lease transaction.

"After an extensive search through greater downtown Los Angeles, United Way of Greater Los Angeles determined it wanted to start a new long-term relationship with a well-positioned and capitalized landlord," said Burkhardt. "Institutional owner Manulife has owned and operated this property since its construction, making important upgrades including a new conferencing center for tenants. The space UWGLA was able to secure was basically turnkey, matching a first-class tenant matched with a first-class landlord."

The lease was made possible due to the quality of the 515 South Figueroa Street asset, and the favorable lease terms provided by Manulife Financial Corporation. UWGLA will benefit from a state-of-the-art office environment that supports both its organizational mission and commitment to collaboration with community partners.

"We extend our heartfelt gratitude to Ron Burkhardt, Steven Salas and the entire team at Newmark for their unwavering dedication and outstanding performance," said LiNing Lee Recendez, Vice President, UWGLA. "Their knowledge, patience and deep understanding of our organization's needs made our office relocation journey seamless and successful. We couldn't have asked for better partners in this endeavor."

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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