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Saturday, May 20, 2023 12:48:52 PM
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.
At one time this added residential would have saved their bacon. - https://downtownla.com/building/residences-at-333-south-hope-street
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.
At one time this added residential would have saved their bacon. - https://downtownla.com/building/residences-at-333-south-hope-street
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
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