"The Park DTLA, a five-building office park in Downtown Los Angeles, is now on the market for leasehold sale and potential redevelopment by investor Jas Bains."
"Having been purchased for $1.5 million, The Park DTLA encompasses 270,000 square feet, boasts 400 parking spots, and is currently only 25-35% occupied."
"Marketing emphasizes attracting developers interested in transforming the property into apartments, university campuses, or entertainment venues amid high office vacancies downtown."
"Despite significant improvements, The Park DTLA, which includes indoor-outdoor event spaces and landscaping, is struggling with low occupancy as office demand shifts."
The Park DTLA, a five-building office park in Downtown Los Angeles, is on the market for leasehold sale and potential redevelopment, initiated by investor Jas Bains from Dominus Companies. Purchased in 2022 for $1.5 million, the property offers 270,000 square feet of office space and 400 parking spots but has a current occupancy rate of only 25-35%. The marketing strategy focuses on attracting developers for possible conversion into apartments, a university campus, or entertainment facilities, reflecting the ongoing challenges of office space demand in the area.
Read at therealdeal.com
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