Jade Enterprises Buys Figueroa Tower

Jade Enterprises purchased the 25-story, 331,000 square-foot structure for an undisclosed price. 

DOWNTOWN LOS ANGELES — The 25-story office tower above the Seventh Street/Metro Center station in the Financial District has been purchased by Jade Enterprises.

Real estate services firm Cushman & Wakefield has been hired to handle leasing for Figueroa Tower, a 331,000-square-foot building at 660 S. Figueroa St. The 1989 building was designed by A.C. Martin and features a design style reminiscent of what Cushman & Wakefield in a press release described as “16th century French Renaissance” architecture. The design is highlighted by the property’s Italian marble exterior and a soaring two-story lobby.

A Jade spokesman said plans for the building call for creative and professional office space. The property will be fully remodeled with upgraded elevator and ventilation systems, he said.

The spokesman, who would not give his name, said the transformation would be modeled after the turnaround of another office building Jade purchased, the First Republic Bank building at 888 S. Figueroa St.

In the Cushman & Wakefield statement, the company’s director Rich Grande said the building’s high-quality finishes and functionality are ideal for financial, professional and high-tech clients.

He further stated that “significant capital has been allocated for improvements to the property and for future leasing costs.”

The leasing team will focus on the needs of both existing and prospective tenants, Grande added.

Jade has numerous Fashion District holdings. The company is also looking at developing new ground-up housing structures in South Park.

donna@downtownnews.com