Brookfield’s 777 Tower Sale Falls Through: Sources
By Greg Cornfield April 24, 2024 2:05 pm
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A distressed office tower sale in Downtown Los Angeles has fallen through, sources told Commercial Observer.
Brookfield Asset Management was set to sell the 777 Tower for just $145 million to South Korea-based Consus Asset Management, according to media outlets that cited an anonymous person familiar with the deal less than a month ago. Industry sources told CO that Consus pulled out of the deal for the 1 million-square-foot building last week.
Neither Brookfield nor Consus immediately returned requests for comment or information.
The sale price was about half the remaining outstanding debt that’s tied to the 52-story tower at 777 South Figueroa Street, which is the seventh-tallest building in L.A.
777 Tower was once part of an expansive Downtown L.A. office portfolio — which included the Gas Company Tower and EY Plaza — that has experienced a stark fall from grace since the pandemic and the rise in work from home trends. The building was also one of Brookfield’s buildings that went into default in early 2023.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
