52-Story Office in Downtown L.A. Sells for $210M
Brookfield sold the 1 million-square-foot tower for $201 a square foot, or more than 40% less than what it sold for 20 years ago
By Nick Trombola June 4, 2025 8:00 pm
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In one of the priciest sales in Los Angeles so far this year, Uncommon Developers acquired Brookfield Properties’ 52-story Figueroa at Wilshire office tower in Downtown L.A. for $210 million. The sale comes after Brookfield’s once-trophy office tower portfolio in DTLA wallowed in financial distress, and amid general malaise about DTLA’s office environment in the wake of the pandemic.
Brookfield acquired Figueroa at Wilshire 20 years ago for $360 million, according to Bloomberg, citing CoStar data. In 2013, the firm secured a $250 million refinancing package from MassMutual and TIAA toward the 1 million-square-foot property. But then the pandemic hit. Brookfield put the tower at 601 South Figueroa Street on the market in 2022, but struggled to find a buyer.
Several of its other L.A. towers, meanwhile, have since faced defaults or other forms of distress. That includes the 52-story Gas Company Tower, which L.A. County purchased at the end of last year for $200 million, as well as EY Plaza and 777 Tower.
Figueroa at Wilshire fared better by comparison, with its former owner having landed an extension last spring on the loans tied to the building.
Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll and Alex Beaton represented the seller in the deal. Colliers’ Mark Schuessler, Jordon Garcia and Sean Fulp represented Uncommon Developers.
“Since its completion in 1990, 601 Fig has always had ‘power business card’ status in the city,” Hannan said in a statement.
Representatives for Brookfield did not immediately respond to a request for comment.
The tower is currently 72 percent leased. Tenants there include accounting firm PricewaterhouseCoopers, which serves as the building’s anchor tenant, as well as law firms Dentons and Cozen O’Connor.
Slowly but surely, deals have been made for Brookfield’s former DTLA office towers over the past year or so. Aside from the sale of the Gas Company Tower, private equity firm Carolwood is now in escrow to purchase EY Plaza for $130 million, and a Chinese investor paid $120 million for the 777 Tower last July.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
