Brookfield Secures Loan Extensions on One of Its Downtown LA Towers

The Figueroa at Wilshire tower in Downtown Los Angeles is getting a new lease on life, or at least an extension on its old one.

Building owner Brookfield Properties has come to an agreement with lenders Massachusetts Mutual Life and the Teachers Insurance and Annuity Association to extend the maturity date on its $250 million loan on the property to Oct. 1, according to The Real Deal, which cited L.A. County property records. Each lender provided $125 million in financing apiece. 

Brookfield’s loan on the 52-story tower, at 601 South Figueroa Street, was set to expire in July 2023. The firm listed the property for sale in 2022 but has yet to procure a buyer. 

The New York-based firm obtained the tower in 2006 with its acquisition of Trizec Properties. Accounting firm PwC, also known as PricewaterhouseCoopers, is the main tenant at the tower with 160,000 square feet leased through 2028, per TRD. 

A representative for Brookfield did not immediately respond to a request for comment. 

Brookfield has struck out on other expensive pieces of real estate in Downtown L.A. in recent months. The sale of 777 Tower to Consus Asset Management fell through, even though the purchase price of $145 million was about half of the outstanding debt tied to property — following its default in early 2023. 

Brookfield also dumped the 52-story Gas Company Tower last year after it went into receivership following the firm’s default on that property. The tower could head to a foreclosure sale later this summer as its value has plummeted by nearly 60 percent and most of its major tenants, such as WeWork, have bugged out. 

The firm’s 41-story EY Plaza also fell into receivership after Brookfield defaulted on hundreds of millions of dollars tied to the tower. That property has also watched its value tumble off a cliff by more than 50 percent in recent months. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.