- On Location signed a 108K SF office lease at Union Bank Plaza in Downtown LA.
- The deal marks another Olympics-linked office lease as the city prepares for the 2028 Games.
- Downtown LA faces a 31.7% office vacancy rate, highest in the local market.
Olympics Drive Leasing Activity
On Location, a provider of event travel and hospitality packages, leased 108K SF at Union Bank Plaza at 445 S. Figueroa St. The company will serve as the ticketing partner for the 2028 Olympic and Paralympic Games. It joins a growing group of Olympics-related tenants in Downtown Los Angeles office space, according to Bisnow.
Downtown Faces High Vacancy
The lease provides a notable boost for Downtown Los Angeles office leasing, which has struggled with an elevated vacancy rate of 31.7% in Q4 2025. The submarket saw 144K SF of negative absorption over the same period, underlining persistent demand challenges. At the same time, multifamily rent growth across Los Angeles has softened, reflecting broader pressure across key CRE sectors.
Second Major Olympics Lease This Year
This marks the second significant Olympics-linked office transaction this year. Earlier this January, the Los Angeles Organizing Committee for the Olympic and Paralympic Games leased 160K SF at 1150 S. Olive St. As a result, the trend signals growing momentum for Los Angeles office leasing tied to Olympic preparations.
On Location Expands LA Presence
On Location has experience with large-scale events, recently serving as the official hospitality partner for the 2024 Olympics in Paris. Its packages, which typically combine event tickets with travel and accommodations, are expected to be a key offering as the 2028 Olympics draw near.
