Trending
Brookfield looks to sell DTLA’s Figueroa tower
52-story property is home to PwC
Brookfield Properties wants to shed one of its trophy office towers in Downtown L.A., The Real Deal has learned.
The investment giant has listed the 52-story office tower at 601 South Figueroa Street for sale, according to sources familiar with the matter and marketing materials reviewed by TRD.
Neither Brookfield nor Newmark’s Kevin Shannon, who is marketing the tower known as Figueroa at Wilshire, immediately responded to requests for comment.
Brookfield took control of the 1 million-square-foot property in 2006, when it acquired L.A.-based Trizec Properties for $4.8 billion. The acquisition also gave Brookfield two other DTLA towers: the Bank of America Plaza at 333 South Hope Street and the Ernst & Young Plaza at 725 South Figueroa Street with an adjacent mall.
No asking price has been set, which makes the listing a barometer of sorts for the DTLA office market. Few major office towers have sold over the past two years, and big chunks of DTLA lie empty, with Savills estimating a vacancy rate of 29 percent in the second quarter.
Figueroa at Wilshire is 19 percent vacant, the marketing materials show. Accounting giant PwC is the anchor tenant, with just under 160,000 square feet leased through 2028.
Brookfield’s move comes soon after Oaktree Capital initiated a foreclosure on a 48-story tower in the area, owned by Coretrust Capital Partners.
Keith Larsen contributed reporting.