Uncommon Developers Lands Nine-Figure Loan for Downtown L.A. Office Tower
The Los Angeles-based firm paid $210 million earlier this month in one of the region’s biggest CRE deals so far this year
By Nick Trombola June 12, 2025 7:00 pm
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Uncommon Developers has landed a substantial loan package tied to Figueroa at Wilshire in Downtown Los Angeles from the same lenders that financed the property for the previous landlord over a decade ago.
The Los Angeles-based real estate firm secured roughly $150 million from lenders MassMutual’s Barings and TIAA’s Nuveen toward the 52-story office building in Downtown L.A., according to property records. Sources close to the deal declined to confirm the exact loan amount. Uncommon earlier this month purchased the tower from Brookfield Properties for $210 million.
Mass Mutual and TIAA in 2013 provided a $250 million refinancing package tied to the property, which was set to expire in 2023. Yet the pandemic, and its resulting effects on rentable office space around the world, caused much distress among Brookfield’s various Downtown L.A. office towers. Brookfield in 2022 initially placed Figueroa at Wilshire, at 601 South Figueroa Street, up for sale, though for several years struggled to find a buyer.
Unlike its other downtown properties which ultimately endured default, such as EY Plaza and Gas Company Tower, Brookfield last May managed to secure a maturity date extension on the loans tied to Figueroa at Wilshire. Uncommon swooped in and purchased the property about a year later.
A spokesperson for Uncommon declined to comment on the latest financing deal, while representatives for Mass Mutual and TIAA did not immediately respond to requests for comment.
Figueroa at Wilshire is currently 72 percent leased, with PricewaterhouseCoopers serving as the building’s anchor tenant, alongside law firm tenants such as Dentons and Cozen O’Connor.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
