Brookfield's Defaulted Los Angeles Office Tower Is Selling at Major Discount [BNN Bloomberg (Canada)]
Wells Fargo & Company (WFC)
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Source: BNN Bloomberg
Consus Asset Management, a South Korea-based investment firm, agreed to purchase the tower at 777 S. Figueroa St. for about $145 million, according to a person with direct knowledge of the deal who asked not to be identified citing private details. Brookfield had about $289 million of debt on the building when it notified investors of a default, according to a February 2023 filing. Representatives for Brookfield, Consus, and Wells Fargo & Co., a lender on the property, declined to comment. A representative for Eastdil Secured, the broker on the deal, didn't immediately respond to requests for comment. The transaction was reported earlier by Real Estate Alert. Brookfield ran into issues with the property and other Los Angeles buildings over the past year as borrowing costs surged. The company also defaulted on the Gas Company Tower, which had about $465 million in debt outstanding, and EY Plaza, with $305 million in debt. Office owners have been pummeled as higher borrowing cost
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