More on EY Plaza

In late December, we wrote EY Plaza may have found a buyer. The identity of any potential buyer and pricing was a mystery then, and still sort of is. But there’s some more information on the developing situation.

A so-far undisclosed buyer was selected out of a bidder pool offering more than $100 million. Approvals were obtained and the potential buyer was provided with a loan sale agreement and joint escrow instructions — a draft agreement calls for a 45-day due diligence period and 45-day close. That is all according to servicer commentary via Morningstar Credit dated Feb. 9, 2026.

A deal could still collapse, if it hasn’t already.

It happened before, when Carolwood’s $130 million deal to purchase the downtown skyscraper — now in a receiver’s hands after owner Brookfield defaulted on hundreds of millions of debt — fell apart. That’s when Colliers replaced Eastdil in marketing the loan on the 41-story, 900,000-square-foot office tower at 725 South Figueroa Street in Downtown Los Angeles’ Financial District.

The $275 million note on the property is expected to trade at a discount. The property was valued at about $450 million in 2020; recent estimates put the value at $135 million.

The receiver and special servicer did not respond to a request for comment. The brokerage declined.

News on another downtown office tower in receivership

In case you missed it, One California Plaza inked a 26,000 square foot lease with law firm Gordon Rees — and renewed its lease with Citigroup. That’s good news for the skyscraper perched on Bunker Hill in downtown Los Angeles. It was placed in receivership late last summer after owners Rising Realty Partners and DigitalBridge defaulted on their $300 million debt connected to 300 South Grand Avenue. Last known occupancy for the 42-story, million-square-foot property was 55 percent, per servicer commentary.

HPP studio troubles and more

Los Angeles commercial real estate earnings season has come to an end (at least for the companies we pay particular attention to). The latest to report was Victor Coleman’s Hudson Pacific Properties, which is still hemorrhaging money. The real estate investment trust that owns offices and studios posted a $572 million loss last year, which it mostly blamed on its studio business.

That’s not surprising. The slowdown in Los Angeles’ film industry because of strikes, cheaper productions costs abroad and media consolidation is clear — so much so that Goldman Sachs may take a substantial loss on an iconic film lot itself.

Goldman Sachs tapped Eastdil to shop the Radford Studio Center, which Hackman Capital Partners ceded control of to the lender after defaulting on a billion-dollar mortgage. Bids are anticipated to come in at about $450 million, or about a quarter of what Hollywood’s biggest landlord paid for the real estate in Studio City, in Los Angeles’ San Fernando Valley, five years ago.

Hudson Pac, meanwhile, has more than $500 million debt coming due this year. The commercial mortgage-backed securities debt is secured by a Hollywood portfolio that has a billion-dollar balance, with Blackstone on the hook for the rest, and includes studios and offices.

Coleman on Thursday’s earnings call wouldn’t discuss specifics on talks with lenders.

Now that earnings are over, it’s proxy time. In 2024, Coleman’s total compensation was valued at about $25 million. The company reported a loss of $364 million that year, and he still received a boost. What’ll it be now? Stay tuned for his and other executives’ comps.

Honorable mention?

During President Donald Trump’s recent State of the Union address, he said: “We’re going to do a good job in Los Angeles, and Los Angeles is going to be safe,” when talking about the 2028 Olympics. The question is whether Trump and Los Angeles Mayor Karen Bass work together, or will his partner be one of her rivals? The first solid clue will come in less than 100 days with the June 2 mayoral primary in Los Angeles.