Fig plaza pass.

In tabling a motion to buy Figueroa Plaza for $125 million, the Los Angeles City Council effectively passed on the opportunity to purchase the 615,000-square-foot complex.

The city rents about half the space in the building and might have seen significant savings over time, but council members felt the city needed more time to develop its real estate strategy. It is the second time the city has passed on the building, which it could have purchased it in 2000 for $92 million.

Under its lease, the city had a right of first refusal to buy the towers for "fair market value" from Washington, D.C.-based Northridge Capital. However, the deal had a "drop dead date" of Sunday, August 15.

After the council tabled the measure at its Aug. 13 meeting, Northridge's listing agent, Secured Capital, began marketing the property.

The city could still bid on the property, but with competition from other buyers the buildings are expected to fetch more than $135 million, according to brokers.

Staff reporter Andy Fixmer can be reached at [phone], ext. 263, or at [e-mail].