<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=24f5yW_0pbAkfse00" alt="https://img.particlenews.com/image.php?url=24f5yW_0pbAkfse00" width="1200" height="1661" ></figure>In a move reflective of challenging financial circumstances, Brookfield DTLA, an affiliate of Toronto-based real estate giant Brookfield, is set to sell a 52-story office tower in Downtown Los Angeles. The property, known as 777 Tower and situated at 777 South Figueroa St. in the Financial District, has been listed for sale after the company defaulted on a significant $318.6 million loan, according to a report from Costar.The asset is marketed by Eastdil Secured, though pricing has not been disclosed. The property was built in 1991 and sits adjacent to the FIGat7th retail center, according to the property’s website. The tower has faced a number of challenges in recent months. The first nine months of the previous year witnessed a departure of tenants from 84,000 square feet of office space within the building, resulting in a vacancy rate soaring to 26.9 percent by September 2022. Regulatory filings reveal that this vacancy translated into a $2.1 million annual loss in base rent for Brookfield, per the report. The situation escalated further in June when a contractor, having undertaken work at 777 Tower, initiated legal action against Brookfield, claiming outstanding payments exceeding $1.3 million, plus interest. Subsequently, the total amount of unpaid contractor filings burgeoned to $6 million by the previous month. The sale of 777 Tower is part of a broader trend, as Brookfield finds itself grappling with financial turbulence. The company has defaulted on a staggering $1.1 billion in mortgages tied to three prime office towers in Downtown Los Angeles. Of the trio, two are already in receivership: the 41-story EY Plaza at 725 South Figueroa Street and the 52-story Gas Company Tower at 555 West 5th Street. Brookfield has a global presence with $850 billion in assets under management, according to its website. The company has more than 1,200 investment professionals across 30 countries and makes more than 2,000 investments globally. </div></body>

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Brookfield Places 52-Story 777 Tower in Los Angeles up for Sale Following $318MM Loan Default

In a move reflective of challenging financial circumstances, Brookfield DTLA, an affiliate of Toronto-based real estate giant Brookfield, is set to sell a 52-story office tower in Downtown Los Angeles. The property, known as 777 Tower and situated at 777 South Figueroa St. in the Financial District, has been listed for sale after the company defaulted on a significant $318.6 million loan, according to a report from Costar.