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The leasehold of a five-building Downtown Los Angeles office park is up for sale.
The property at 201 to 281 S. Figueroa St. offers roughly 280K SF and 400 secured parking spaces in Downtown LA.
The leasehold is listed by Park at DTLA LLC, which purchased it in 2022 for $1.5M, according to eXp Commercial Director of Leasing and Sales Tony Wood in an interview with Bisnow.
Wood is marketing the leasehold, positioning it as a possible redevelopment opportunity for multifamily housing, a satellite campus for a university, or entertainment or media facilities.
"The last sale was a commercial lender's [real estate owned] sale, and millions have been spent in improvements at The Park," Wood said.
Current tenants include PBS and the Associated Press. The property is currently about 25% to 35% occupied, Wood said.
“This is one of the only full city-block, low-rise campuses in the heart of Downtown Los Angeles,” Wood said in a release. “The Park DTLA offers a unique combination of infrastructure, security, and scale that cannot be replicated — making it a compelling canvas for developers, government agencies, educational institutions, or studio operators.”
The sellers are also open to joint venture proposals and partnership interests, Wood said. As a leasehold, the sale would include physical improvements at the site and leasehold rights under the long-term ground lease but not the land.
The campus features indoor-outdoor conference and event space, landscaped courtyards and an on-site café.
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