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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
