Another distressed Brookfield-owned downtown office tower is on the market: Bank of America Plaza.
Colliers is shopping the defaulted commercial mortgage-backed securities loan connected to the 1.4 million-square-foot skyscraper in Downtown Los Angeles, according to Green Street. The balance of the debt is $400 million, and the brokerage anticipates substantially discounted bids.
The 57-story tower was appraised at $212.5 million, or about $150 per square foot, a year ago. That’s about a third of its $605 million value a decade ago, when Brookfield refinanced. Brookfield defaulted when the loan matured in September 2024, and a receiver was appointed in May.
Trigild is the receiver, and Mount Street is the special servicer.
A sale would result in a buyer taking control of the property, at 333 South Hope Street, which is only 67 percent leased, according to Green Street.
Brookfield, Trigild and Mount Street did not immediately respond to requests for comment. Colliers confirmed it is marketing the debt.
This is the latest distressed Brookfield-related offering in Los Angeles.
Eastdil Secured listed a Brookfield mortgage note connected to 333 South Grand Avenue, The Real Deal reported last month. That property includes an office building called the Wells Fargo Center — North Tower and a retail asset.
The offering memorandum did not include an ask, but a $506 million debt on the Wells Fargo Center — North Tower is in default.
A $275 million note connected to EY Plaza, another Brookfield-owned tower in the hands of a receiver, is being marketed by Colliers, after a $130 million deal to sell it collapsed.
That note was anticipated to trade a discount, too. The brokerage called for offers in late-October, but it is unknown if it found a taker.
Brookfield did find a buyer in June for another downtown office tower. It sold 601 South Figueroa Street for $210 million to Uncommon Developers, less than the debt tied to the property.
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