PwC leaves – PricewaterhouseCoopers will move its Los Angeles headquarters from its downtown Figueroa Street office, with the lease set to end in 2028, to 2121 Avenue of the Stars in Century City. The shift, first communicated to employees Monday, adds to a string of major
PwC’s downtown presence has been a familiar sight for decades on Figueroa Street—its logo atop a 52-story building in Los Angeles’ financial district. But for the employees who were handed the news Monday. the change was immediate and personal: PricewaterhouseCoopers is agreeing to move its Los Angeles offices to Century City. with the transition tied to the expiration of its downtown lease in 2028.
The firm. which is London-based and widely recognized publicly as the official tabulator of votes for Hollywood’s annual Academy Awards. will relocate to 2121 Avenue of the Stars. The building—overlooking the Fox Studio Lot—was formerly called Fox Plaza and is often recognized by moviegoers as the fictional Nakatomi Plaza from “Die Hard. ” where Bruce Willis fought terrorists. The tower also has a deeper Los Angeles landmark history: Ronald Reagan kept offices in the building after his presidency.
Employees were notified Monday of the pending transition to 2121 Avenue of the Stars. In a statement to The Times, Office Managing Partner Andy Sofield framed the move as both practical and forward-looking.
“This move is about growth, connectivity, and the future of our Los Angeles business,” Sofield said. “PwC has continued to grow in the market, and the new Century City office gives us additional space in a location that better supports our people, clients, and teams across the region.”
Sofield added that Century City offers “strong access to clients. our people. transportation corridors. and airport access. ” and described the move as a return to a neighborhood where PwC previously had an office more than two decades ago. “We evaluated multiple options and determined Century City was the right fit for our future.”.
PwC did not disclose the terms of the Century City lease. But a person with knowledge of the deal. who was not authorized to speak publicly. said the accounting and professional services firm signed a 15-year lease valued at about $200 million to occupy 150. 000 square feet. PwC’s downtown office at 601 S. Figueroa St. is smaller, at 114,000 square feet, according to real estate data provider CoStar.
“Our business has grown, our number of people has grown, and this move gives us the opportunity to create a workplace that supports our teams, our clients and the continued evolution of our business in the region,” Sofield said.
The company declined to elaborate on its reasons for leaving downtown, but the decision lands as the latest high-profile exit from the city’s financial core—an area already forced to confront a dramatic shift in office life since the start of the pandemic.
PwC’s move follows other departures and reductions by major firms. Many companies have shrunk their office footprints or given up downtown, including Deloitte and KPMG. Financial services firm Wedbush Securities moved from a prominent financial district office tower to Pasadena.
Behind the corporate announcements is a broader neighborhood reality: thousands of office workers left downtown during the COVID-related shutdown. and many likely won’t return in pre-pandemic numbers. Even as the city adapts. many shops and restaurants remain closed. and office tenants have said the streets feel less safe than they used to.
The instability has also been building for years. Downtown has suffered from an oversupply of office space since a building spree in the 1980s and early 1990s. The lack of rent-paying tenants that pushed down office values has become even more acute since the pandemic. Nearly 40% of the office space in the financial district was available at the end of last year, according to CBRE. Overall vacancy downtown climbed from 14% in 2019 to 34%.
Nick Griffin. executive vice president of the DTLA Alliance business improvement district. said the organization is sorry to see PwC leave and argued city leaders need to do more to retain major office tenants in downtown. calling it “the economic center of the region.” A single departure. Griffin said. doesn’t outweigh the momentum downtown still has. including a growing residential population and nightlife. entertainment and tourism.
“The historic arc of Downtown L.A. is one of transformation and opportunity,” Griffin said.
For PwC, Century City appears to be the answer that’s increasingly working for other companies too. Real estate broker Gary Weiss of LA Realty Partners said Century City has emerged as one of the region’s most sought-after office markets in recent years. with offices more than 90% leased at rents that are the highest in the city.
“When you look at how many companies have moved within the last three to years from downtown to Century City. I’m not surprised” by PwC’s decision. Weiss said. He described the neighborhood next to Beverly Hills—where there are offices. housing. and a major shopping center—as having “great amenities in a very safe environment.”.
In Century City, PwC’s new landlord is the Irvine Co. “We are proud to deepen our relationship with PwC as they establish their new presence at 2121 Avenue of the Stars,” said Roger DeWames, president of Irvine Company Office Properties.
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