Canadian real estate giant Brookfield is poised to lose the highest-profile asset in its Downtown Los Angeles office portfolio.
The 54-story Gas Company Tower has been placed in receivership by the Los Angeles Superior Court after CMBS lenders Citi Real Estate Funding an Morgan Stanley filed a lawsuit asking the court to appoint a receiver to pave the way for the sale of the property, in lieu of a bankruptcy proceeding.
Greg Williams of Trident Real Estate Group was appointed receiver and given the authority by the court to "market, advertise, promote and negotiate the sale of the property," with proceeds from any sale used to pay creditors.
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