PricewaterhouseCoopers is leaving downtown and heading to Century City, The Real Deal has learned.
The accounting giant currently occupies around 100,000-square feet at 601 South Figueroa, a million-square foot office tower owned by Uncommon Developers located in the Financial District. Now, it has inked a deal for even more space at Irvine Company’s 2121 Avenue of the Stars — about 150,000 square feet, per a person familiar. The company confirmed the move.
“PwC has signed a lease for the future home of our Los Angeles office in Century City — a return to a neighborhood that has been part of the firm’s L.A. history,” PwC said in a statement.
The company anticipates a 2028 move-in and touted Century City’s access to clients, talent and more in a statement to TRD.
Neither Irvine Company nor Uncommon Developers, which purchased the downtown office tower from Brookfield last year for $210 million or $201 per square foot, immediately responded to a request for comment. PwC declined to disclose lease terms.
Downtown Los Angeles offices have seen better days, to put it nicely. Many landlords have either defaulted on their debt, lost control of assets to receivers or handed back the keys to their lenders. Offices and their loans are trading at discounts and losses, and the overall vacancy rate has reached about 35 percent.
Companies are choosing other markets to keep or get their workers back at their desks. Century City is a big one. It’s safe and clean, plus its offices are newer and full of ample amenities — and important players are there.
TRD recently reported that Paul Hastings wants to sublet its space at City National Plaza, a twin-tower complex that’s in downtown Los Angeles’ Financial District, too. The law firm is shopping its around three and a half floors, or about 90,000 square feet, at 515 South Flower Street. The real estate is owned by a joint venture of CommonWealth Partners and California Public Employees’ Retirement System. Paul Hastings’ lease is up in August 2032, and it previously shrunk its downtown space and has offices in Century City at 1999 Avenue of the Stars.
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