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Brookfield has a little more time to repay a $250M loan at one of its Downtown LA towers.
At the end of last year, Brookfield and its insurance company lenders, Massachusetts Mutual Life Insurance and the Teachers Insurance and Annuity Association, made a deal to extend the loan's maturity to Oct. 1, The Real Deal reported.
The loan on the 1.1M SF, 52-story tower at 601 S. Figueroa St. was slated to mature in July 2023. Brookfield listed the tower for sale in 2022, according to TRD. The largest tenant in the building is PwC, which takes up approximately 160K SF on a lease through 2028.
Brookfield appears to have a different strategy with this property than some of its others in LA. The company had previously walked away from two other Downtown LA office towers it owned, the Gas Company Tower and EY Plaza. Both offices are in receivership after the company defaulted on more than $700M in debt attached to the properties.
Extensions were the most common type of loan modification in 2023, and some expect to see even more modifications of loans, including extensions, in the rest of the year.
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