Brookfield Office Properties Inc BRPYF

Los Angeles Office tower

[WEBuffettisbest]

777 Tower in Los Angeles has been sold for $145 million. Brookfield Asset Management defauled on this office last year, debt owed was $289 million.

[CrazyTrader]

What happen to "non-recourse"?    Doesn't make any sense.... must be more to the story here. Thanks for heads up.

[pierrelebel]

More background information on this transaction can be found HERE A Los Angeles office building that Brookfield Asset Management Ltd. defaulted on is being sold for about 50 per cent less than the outstanding debt on the tower. Consus Asset Management, a South Korea-based investment firm, agreed to purchase the tower at 777 S. Figueroa St. for about US$145 million, according to a person with

[CrazyTrader]

found that article myself also, but thanks for posting anyways.   Still doesn't explain why building was sold instead of going the "non-recouse" route

[Carena]

Hi there, Thanks for posting.   Things are moving along.  Would be interesting to know who bought it. It doesn't really matter but they are naming BAM (which means a BSREP fund) but the link below shows 777 Figuero in BPY's DTLA structure (that being related to the pref share that collapsed last year).   https://www.sec.gov/Archives/edgar/data/1575311

[Carena]

Oops, I see Pierre's link now....A South Korean asset manager bought it. And a couple other articles do in fact say it was a Brookfield DTLA building.