While Brookfield Properties defaulted on $1 billion of loans, they lost $850 million in their prior equity value in these properties.
333 S Hope Street $701 million 333 S Grand Ave $656 million 725 S Figueroa Street $497 million
These properties are essentially fully leased, although there is a substantial amount of space available for sublease. Brookfield must have been facing a lot of lease expirations they didn't think they could fill.
A US debt default would really knock the floor out from under commercial real estate values
Brookfield had previously filed an application to add a residential high-rise to Bank of America Plaza, a 55-story office tower located at 333 S. Hope Street. The project, named the Residences at 333 South Hope Street, would replace a portion of the building's plaza and parking structure with a new 34-story edifice featuring 366 studio, one-, and two-bedroom dwellings with a 425-square-foot cafe located at street level.