Brookfield Putting 52-Story Downtown Tower On The Market
Major Downtown LA office landlord Brookfield Properties put a 52-story tower in the Financial District up for sale.
There's no price tag attached to the tower at 601 South Figueroa St. in marketing materials, The Real Deal reported. Representatives for Brookfield declined to comment. Newmark's Kevin Shannon, who is marketing the property, did not immediately respond to an email from Bisnow.
The property is sure to serve as a benchmark, as not many office buildings have come up for sale since the onset of the pandemic. One of them, the 40-story Union Bank Plaza, went on the market in the second half of 2021. It was only 62% occupied at the time. It sold in July for $155M, a sale price that represented a roughly $53M loss from the $208M that the seller, KBS Realty Advisors, paid in 2010.
The Figueroa at Wilshire, as 601 South Figueroa is also known, has been in Brookfield's portfolio since 2006, TRD reports. That year, Brookfield and its joint venture partner Blackstone acquired Trizec Properties.
Figueroa at Wilshire is 19% vacant, according to marketing materials reviewed by TRD. The anchor tenant, PwC, takes up about 160K SF on a lease that will expire in 2028.
Another Downtown office property may be on the market soon. Earlier this month, Oaktree Capital began the process of foreclosing on Coretrust Capital Partners' 444 South Flower.
