The Los Angeles office market has shown measurable signs of recovery in recent months, yet Downtown L.A. recently faced another prominent setback. As a continuation of the broader 'flight-to-quality' trend, the accounting firm PricewaterhouseCoopers (PwC) will relocate its office from Downtown L.A. to Century City when its current lease expires in 2028. This development was reported by the Los Angeles Times.
PwC signed a 15-year lease for approximately 150,000 square feet at the Irvine Company's 2121 Avenue of the Stars building in Century City. The value of this lease is estimated at around US$200 million. The company will vacate its current 114,000 square feet in the 52-storey tower at 601 South Figueroa Street in Downtown, where its logo has been prominently displayed for years.
PwC justified the move by citing growth and accessibility considerations, rather than criticising Downtown L.A. Andy Sofield of PwC told the Times that the Century City location offers additional space while providing better access to transport corridors and airports for clients and staff. He also noted that the move marks the company's return to a neighbourhood where it had previously maintained offices more than two decades ago.
This relocation comes after Greater L.A. leased nearly 4 million square feet of office space in the second quarter, according to Savills, an increase of 15 percent quarter-over-quarter and nearly 8 percent year-over-year. Leasing volume also exceeded the market's quarterly five-year average by 22 percent. Nevertheless, PwC's move adds to a list of prominent tenants who have either downsized their space or left the city centre.
- —Deloitte, KPMG and Wedbush Securities have moved out of the city's financial district in recent years.
- —Bank of America recently signed the region's largest office leasing transaction in the first half of the year at Century Park Plaza.
- —Century City continues to establish itself as a prime location, recording average asking rents of US$7.67 per square foot per month in Q2, ahead of Beverly Hills at US$6.71 per square foot.
In Downtown L.A., by contrast, total office vacancy has increased by 20 percentage points since 2019, and by the end of 2025, nearly 40 percent of office space in the financial district was available for lease. Roger DeWames, President of Irvine Company Office Properties, emphasised in a statement to Commercial Observer that the tower on Avenue of the Stars offers unparalleled amenities and reflects the company's commitment to providing first-class workspaces for large organisations such as PwC.
