The sale price marks a discount of some 5.71% to Figueroa’s valuation of US$98.1 million as at Dec 31, 2025. As at the same period, the freehold 35-storey Class A office building was 45.6% occupied with a weighted average lease expiry (WALE) of 4.9 years by net lettable area.
Manulife US REIT (MUST) is looking to divest Figueroa to the City of Los Angeles’ Department of Water and Power at a sale price of US$92.5 million ($119.2 million).
The entry into the purchase and sale agreement is subject to board and council meetings where members of the public may attend, says the REIT. The agreement will only be executed when the purchaser has obtained the necessary approvals.
