The latest Brookfield-tied property to hit the market in the Financial District of downtown Los Angeles is not a distressed office tower, but still looks to be a bargain compared to some recent deals.
JLL is shopping FIGat7th, according to an offering memorandum viewed by The Real Deal. The property, at 735 South Figueroa Street, includes 330,000 square feet of gross leasable area anchored by tenants such as Target, Sephora and Zara. The center is 85.8 percent occupied, per the broker.
The mall “could fetch $70 million,” according to Green Street.
That would put the price around $210 per square foot, well off the $915 per square foot fetched by the Runway Playa Vista retail component a couple months ago, per a CBRE report, and the $711 per square foot price of One Westside in the Sawtelle neighborhood.
Brookfield’s property, meanwhile, is at the heart of L.A — kitty-corner from the 7th Street Metro Center and adjacent to the Korean Air building, the tallest of the city’s skyscrapers.
Brookfield is nearly at the end of a three-year extension on a $58.5 million loan it got from MetLife. In any case, Brookfield is vacating the Financial District, which generally is considered to include Bunker Hill, where the commercial giant, lenders, special servicers and receivers have individual hands in peddling four distressed offices, with a combined square footage that accounts for about 18 percent of Class A space in the area.
The office properties connected to Brookfield and currently on the market include Bank of America Plaza, Wells Fargo Center’s twin towers and EY Plaza.
Another downtown retail property Brookfield owns, on the same parcel as Wells Fargo Center’s North Tower, is called the Halo. The three-story, 63,000-square-foot property sits between sister skyscrapers, and is included in Eastdil Secured’s marketing of the mortgage loan connected to 333 South Grand Avenue, which has $506 million debt in default.
Brookfield, which did not respond to a request for comment, has a property in another part of downtown: California Market Center at 9th and Main streets. The complex offers about 1.9 million square feet of office and other commercial space, where the Fashion District meets the Historic Core of downtown.
FIGat7th is surrounded by offices, including EY Plaza, which is in the hands of a court-appointed receiver, with the $275 million non-preforming note connected to the tower being marketed by Colliers. The mall isn’t far from entertainment centers such as Crypto.com Arena and L.A. Live.
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Commercial
Los Angeles
Brookfield distress roster puts 18% of LA Financial District in play
Commercial
Los Angeles
Another distressed Brookfield DTLA skyscraper hits market