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September 27, 2023
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Elat Properties Acquires DTLA Office Tower in $46 Mil Transaction


Elat Properties purchased 801 South Grand, an 11-story, 215.1k sf office tower in downtown Los Angeles, for $46 mil ($214/sf). The building was sold by CIM Group.

801 South Grand was 74% leased at the time of sale to a diverse tenant roster with a weighted average lease term of 5.4 years. Built in 1986 and renovated in 2014, the property is situated on 1.35 acres and includes 594 parking stalls and over 8k sf of retail space. The property offers a mix of high-end creative and traditional corporate space that caters to a diverse tenant base.

Proximate to the 110 Fwy and blocks from the 7th Street Metro station, 801 South Grand sits in a transit-oriented location with superior access to South Park’s top amenities. The property is directly adjacent to Whole Foods Market and within proximity to L.A. Live, Arena and numerous retailers and restaurants. The property benefits from South Park’s strong residential growth that includes more than 28,000 units in the pipeline.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Directors Laura Stumm and Michael Moll, and Associate Director Alex Beaton represented the seller in the transaction.

Though down from pre-pandemic levels, Los Angeles was the second leading market for volume of office investment sales, trailing only Manhattan, New York. According to Newmark’s 4Q22 Capital Markets report, sales declined year-over-year across property sectors, while hospitality was the only sector to increase quarter-over-quarter. There were small seasonal increases in December 2022 deal closings, except for multifamily.

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