Amazon and LA28 Transform Former Forever 21 Headquarters

The former headquarters of Forever 21 in Lincoln Heights, California, is finding new life after sitting vacant. The 39-acre campus, which once housed the fast-fashion retailer, has been partially sold and leased to two major organizations. Amazon has acquired Buildings 2 and 3, totaling approximately 500,000 square feet. The transaction included a $9.52 million Measure ULA transfer tax, indicating a sale price of $146.2 million. However, Amazon has not disclosed its plans for the newly acquired properties.

Meanwhile, LA28, the organizer for the 2028 Summer Olympics, has leased the remaining building, a 667,000 square foot flex office space. The lease term is 28 months, but additional details about the agreement remain undisclosed. This marks another lease in Los Angeles for LA28, following a 160,000 square foot office space lease in Downtown LA in 2025 and a 108,000 square foot office lease earlier this year by On Location, an Olympics partner.

The sellers of the former Forever 21 campus, Newland Capital Group and Related Fund Management, acquired the property last summer for $120 million from a joint venture between Blackstone and Worthe Real Estate Group. The new owners initially planned to redevelop the site but are now marketing it for sale, lease, or build-to-suit projects through CBRE. Representatives for the involved parties did not immediately respond to requests for comment.