The Tape
333 S Grand AveSold

Who Would Have Thought a DTLA Trophy Tower Would Trade for Just $107/SF?

From a $682 million assessment to a $150 million sale, Brookfield's 54-story Downtown LA tower shows just how far office values have fallen.

By David SafaiFollow

At a glance

Sale Price
$150,000,000

closed June 1, 2026

Price / SF
$107.09

on 1,400,639 gross SF

Stories
54

steel construction, Class A

Gross SF
1,400,639

typical floor 26,076 SF

Lot SF / Acres
118,048 SF

2.71 acres · $1,271/SF land

Vacancy (Subject)
42.3%

vs. 26.2% submarket avg

Year Built / Reno
1982 / 2018

renovated 8 years ago

Parking
1,700 stalls
ULA Tax (Est.)
$8,250,000

seller-side Measure ULA exposure

Loan Amount
$132,650,000

Northwind Group · conventional

Hold Period (Brookfield)
152 months

approx. 12.7 years

Assessed Value (2025)
$682,082,790

total assessed

What matters

  1. The basis.  The buyer paid just $107/SF for a 54-story Class A steel office tower. Atlas estimates replacement cost is north of $800/SF.
  2. The vacancy.At 42.3% vacant, this tower sits well above the DTLA average of 26.2%. That's likely why the it traded at $107/SF.
  3. The ULA Hit.  This sale likely triggered roughly $8.25 million in Measure ULA transfer tax, paid by the seller. That's another reason distressed sales are so painful in Los Angeles.  I know because I got one of those bills also and still feeling the pain.
  4. $107/SF Changes Your Mental Model  Pre-COVID, nobody would have believed a Class A tower in Downtown LA could trade for just $107/SF. Real estate isn't simply "buy, hold forever, and get rich." Markets change, values fall, and downside risk is real. This is exactly why I'm creating the Real Estate Survival Guide—to help investors survive the down cycles, not just celebrate the up cycles. Inspired by Howard Marks. Coming soon on AtlasBrief.LA.
333 S Grand Ave photo
FIG. 00, 333 S Grand Ave, Downtown Los Angeles. Image via Google Street View.

What an operator sees

Brookfield owned this tower for 12 years. At one point, it was assessed at more than $680 million. It just sold for $150 million.

That's a reminder that real estate doesn't always go up. Markets change, capital markets change, and values can reset much faster than most investors expect.

I don't know if this deal will end up being a home run. What I do know is that $107/SF for a Class A trophy tower is a sale every investor should study.

I track every major commercial sale in Los Angeles so you don't have to. 

If you found this useful, share it.

OMs: David@AtlasBrief.LA

Write to David Safai at David@AtlasBrief.La

Appeared in the July 18, 2026 edition of The Tape.