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According to a regulatory document filed with the U.S. Securities and Exchange Commission last week, a subsidiary of Brookfield Corp, the asset manager, is unable to repay loans associated with two buildings in Los Angeles, California. The Brookfield DTLA Fund Office Trust Investor owns two properties, which are the 777 Tower and Gas Company Tower, and both buildings have outstanding debts of approximately $290 million and $465 million, respectively.
According to a regulatory document filed with the U.S. Securities and Exchange Commission last week, a subsidiary of Brookfield Corp, the asset manager, is unable to repay loans associated with two buildings in Los Angeles, California.
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The pandemic has caused a decrease in the value of commercial office real estate, as many businesses have adopted remote work, resulting in high vacancy rates in large office buildings. This, coupled with increasing interest rates, has put significant strain on real estate investment trusts (REITs) and decreased demand for loans.
The Brookfield DTLA Fund Office Trust Investor owns two properties, which are the 777 Tower and Gas Company Tower, and both buildings have outstanding debts of approximately $290 million and $465 million, respectively.
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