T
he Los Angeles Organizing Committee for the Olympics and Paralympic Games, LA28, is relocating its headquarters from Wilshire Boulevard to Downtown as the city prepares to host the 2028 summer games. The nonprofit has leased 160,000 square feet at the USC Tower in the South Park Center office complex, with terms of the lease remaining undisclosed. Average asking rent for office space in Downtown Los Angeles was $3.72 per square foot in the last quarter of 2024, lower than the city's overall average.

    This significant lease deal is a welcome boost to the city's central business hub, which has struggled to fill vacant floors and recover from COVID-19-related defaults. Despite this, leasing activity remains sluggish, with an availability rate of 33.4% in Downtown Los Angeles as of the fourth quarter. However, overall leasing activity increased year-over-year in 2024, with 13.7 million square feet worth of deals signed compared to 10.5 million square feet in 2023.

    The relocation marks a major milestone for LA28, which had previously hoped to host the 2024 summer Olympics and was successful with the city's 2028 bid. The committee is projected to spend $6.3 billion on venue infrastructure and other expenses as part of its preparations for the games.