A hospitality firm known for creating vacation concierge packages involving global sporting and music events has signed one of the biggest leases in downtown Los Angeles ahead of the upcoming 2028 Olympic Games.
White Plains, New York-based On Location will lease 100,000 square feet at Union Bank Plaza, a 40-story office tower at 445 South Figueroa St., according to CBRE, the real estate services firm that represented landlord Southwest Carpenters Pension Trust in the deal.
The transaction is the biggest new lease to be signed downtown since Wilshire Law Firm took 132,000 square feet at 660 S. Figueroa St. in February 2025, according to CoStar data.
It's the latest bright spot for the downtown Los Angeles office market, which is facing its toughest stretch in decades. Office vacancy has climbed to 22%, compared with the wider market average of 16%, and landlords are still relying on heavy concessions to fill space, according to CoStar research.
But the neighborhood's status as a hub for the upcoming 2028 Olympic Games is helping drive tenant interest in the area, according to CBRE Principal Chris Penrose. That status is anchored by the organizing committee's headquarters at the USC Tower at 1150 S. Olive St.
"More companies and affiliates of LA28 are finding downtown LA to be the best location for their employees in terms of access to where the games will be held, hospitality, amenities and transit," Penrose told CoStar News.
VIP touch
On Location will spearhead event management for the 2028 Olympic Games from the downtown Los Angeles hub at Union Bank Plaza, where it will coordinate thousands of ticket-inclusive packages, venue lounges and transportation. The office will house up to 500 employees.
The company got its start packaging VIP Super Bowl trips with sideline access, pregame parties and hotel stays before spinning out in 2015 with backing from RedBird Capital Partners and Bruin Sports Capital to chase a broader global events business.
The company grew by snapping up travel and ticketing operators like Anthony Travel and PrimeSport, building a platform that could bundle airfare, hotels and VIP access across more than 150 marquee events worldwide.
Its model centers on selling access as much as admission, stitching together premium seats, private lounges, athlete meet-and-greets and concierge service into turnkey experiences that appeal to corporate clients and high-end fans.
That playbook got a boost in 2020 when Endeavor Group Holdings acquired the business for roughly $660 million, plugging it into a global network that includes sports, media and talent assets.
A year later, the International Olympic Committee tapped On Location as the exclusive hospitality provider for multiple Games including Paris, Milan-Cortina and Los Angeles, consolidating what had historically been a fragmented system.
Olympic demand
The 2028 Olympic Games is acting a catalyst for all kinds of activity around Los Angeles as local property owners position themselves to capitalize on the expected rush of global visitors drawn to the event.
The Academy of Motion Picture Arts and Sciences said it will move the annual Oscars movie award show to the L.A. Live district in downtown Los Angeles beginning in 2029, with ceremonies held at the Peacock Theater through at least 2039.
At the same time, new ownership at the long-stalled Oceanwide Plaza — widely known as the "graffiti towers" — is fueling expectations that one of downtown’s most visible distressed projects could finally move toward completion, adding momentum to the area’s recovery.
Banc of California, consulting firm West Monroe and law firm Wilson Elsner are among the other firms adding space or moving to newer locations downtown in the past year.
Built in 1967, Union Bank Plaza has 700,000 square feet of office space, a two-level retail center, a 2-acre landscaped outdoor plaza and parking. The building, which underwent a $20 million renovation three years ago, also recently scored another big leasing win, signing a 17,554-square-foot lease for Hathaway Dinwiddie Construction Co.
On Location chose the property "because of the stable ownership, clean and safe environment with amenities, and they were able to find plug-and-play, furnished space that was formerly occupied by Union Bank," Penrose said.
The company operates from nine leased offices located near major sports and entertainment hubs around the world.
For the record
CBRE's Chris Penrose and John Zanetos represented the landlord. Newmark represented the tenant.