A year ago, Brookfield's Downtown Los Angeles office portfolio encompassed 8M SF, including four of the city's highest-profile trophy towers. It was not a stretch to say that the Canadian REIT dominated the DTLA skyline.
What a difference a year makes: Brookfield has now defaulted or missed payments on CMBS loans encompassing more than $1B that are backed by three of its largest DTLA office trophies.
This week, Trepp disclosed that Brookfield has missed payments on a $275M loan backed by EY Plaza, a 41-story tower at 725 South Figueroa Street. The REIT has not made a payment in 30 days on the loan, which has been sent to a special servicer, Trepp reported.
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