It looks like the lenders who foreclosed on Brookfield's Gas Company Tower in April as a prelude to a sale of the landmark 52-story office building in DTLA may have to sell the building at a loss.
The landmark trophy tower, which was valued at $623M in 2021, has seen its value plunge to $270M, according to new data from Trepp and Morningstar.
When Gas Company Tower, located at 555 West Fifth Street, was placed in receivership by the Los Angeles Superior Court in April, the total outstanding debt package on the property totaled $465M.
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