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Elat Properties Acquires DTLA Office Tower for $46M
Elat Properties has acquired 801 South Grand, a 215,000-square-foot office tower in Downtown Los Angeles just days before Measure ULA went into effect on April 1. Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll and Alex Beaton represented the seller, CIM, in the $46 million transaction.
“The sale was done ahead of the new Mansion Tax, which was an important driver,” said Shannon. “This transaction clearly demonstrates basis advantage for contrarian investors, which will allow them to be extremely competitive to attract new tenants.”
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. The property features 11 office stories with a mix of high-end creative and traditional corporate space and over 8,000 square feet of retail space. The building also has proximity to L.A. Live, Crypto.com Arena and numerous retailers and restaurants.
- ◦Sale/Acquisition
