Brookfield Asset Management is selling one of its distressed trophy office towers in Downtown Los Angeles at a steep discount.
Consus Asset Management, an investment firm based in South Korea, has agreed to buy 777 South Figueroa Street—a 1M SF asset also known as the 777 Tower—for about $145M, which is close to half the value of a loan backed by the building.
In an SEC filing in February 2023, Brookfield notified investors that it defaulted on $289M in debt tied to the 777 Tower. Eastdil Secured brokered the deal to sell the building to Consus, at a price that equates to about $145 per SF, according to a report in Bloomberg.
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