Brookfield defaulted on US$319 million in loans tied to the 52-story tower in 2023 after rising interest rates squeezed profits from the building. The firm put the property up for sale in the autumn of 2023, reports The Real Deal, adding that Brookfield is believed to have received at least 15 offers on the tower.
According to real estate website The Real Deal, Brookfield Properties is selling 777 South Figueroa Tower, formerly one of its trophy office towers in Downtown Los Angeles, for about half of the outstanding debt on the property.
According to Bloomberg, South Korea-based investment firm Consus Asset Management is in a deal to buy the 1 million-square-foot tower for about US$145 million. This translates into US$145 per square foot. The property is around 50% leased.
