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A buyer has emerged for the distressed office tower at 777 S. Figueroa St. in Downtown Los Angeles, Commercial Observer reported, citing anonymous sources.
The tower owned by Brookfield DTLA Fund Office Trust Investor is reportedly set to sell for $120M, or less than half the $289M in debt attached to the building at the time of its default in February 2023. Wells Fargo is leading the group of lenders handling the sale of the note.
Brookfield put the 52-story 777 Tower up for sale late last year. A planned deal to sell to South Korean investor Consus Asset Management for $145M fell through this spring.
Brookfield declined to comment on the potential sale.
Another Brookfield property, The Gas Company Tower at 555 W. Fifth St., was attached to the $465M in debt that defaulted in February 2023. That property is headed to a foreclosure auction next month, Bisnow reported earlier this week.
It has been a busy week for distressed DTLA assets. In addition to news about Brookfield’s properties, a stalking horse bidder for the partially built, graffiti-riddled Oceanwide Plaza project emerged. An auction for that property is expected in September.
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