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Brookfield Entity Defaults on $784 Mil of Loans on Two DTLA Office Towers

2/16/23

Brookfield DTLA Fund Office Trust Investor, one of the largest office landlords in downtown Los Angeles, has defaulted on $784 mil of loans on two DTLA office towers, according to multiple media reports. The publicly traded entity was formed by and is owned in part by Canada-based Brookfield.

The company defaulted on $465 mil in loans secured by the Gas Company Tower, a 52-story high-rise at 555 West 5th St. Brookfield also defaulted on $319 mil in loans on 777 South Figueroa St, another 52-story skyscraper in L.A.ís CBD.

Gas Company Tower
Gas Company Tower
The financing on the 52-story Gas Company Tower consists of a $350 mil mortgage loan, a $65 mil mezzanine loan and a $50 mil junior mezzanine loan. The loan package on 777 S. Figueroa consists of a $269 mil mortgage and a $50 mil mezzanine loan.

Citi Real Estate Funding and Morgan Stanley hold the two-year, floating rate mortgage on the Gas Company Tower, and teamed with a Principal Financial Group entity on the mezzanine loans. Wells Fargo holds the mortgage loan on 777 S. Figueroa.

The two high-rises are part of six Class A office properties and a retail center totaling 7.6 msf in downtown Los Angeles owned by Brookfield DTLA Fund Office Trust Investor. The other assets, not affected by these defaults, include the 1.4 msf FIGat7th retail center and the 1.4 msf Bank of America Plaza.





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