South Korean investment management firm Consus Asset Management is buying Brookfield Asset Management's 777 S. Figueroa St. for $145M, roughly half of the reported amount owed on the building.
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The sale price is half of the $289M in outstanding debt Brookfield said it had on the tower in February 2023 when it told investors there had been a default at the property, Bloomberg reported.
Previous reports had pegged the debt at about $319M. A representative for Brookfield declined to comment on details of the sale, sale price or current amount of debt on the property.
The property had been on the market since at least November 2023, when it was reported that Eastdil Secured was marketing it for sale.
777 Figueroa was seen as "one of the better towers" in Downtown LA given the weakness in the market, Ryan Patap, a senior director of market analytics at CoStar Group told CoStar's news arm in November. Still, with office demand historically depressed, there are few investors in the market looking for major office properties.
The property, also called 777 Tower, was among a handful of properties, including EY Plaza and the Gas Company Tower, Brookfield controlled that defaulted in the last year or so.
The Gas Company Tower, now in receivership, is hammering out a long-term lease for 300K SF with the city of Los Angeles.
