Canadian real estate giant Brookfield has defaulted on $784M in loans for two high-profile Downtown Los Angeles office towers, including $465M owed on the Gas Company Tower and $319M in loans for 777 South Figueroa St., also known as the 777 Tower.
"An event of default has occurred [and] lenders may exercise their remedies," Brookfield's DTLA Fund Office Trust Investor said in an SEC filing on Friday, adding that remedies may include foreclosure.
Brookfield said in the filing it has not exercised any option to extend the maturity date on the loans, which came due on Feb. 9.
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