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Brookfield Defaults on Two Los Angeles Office Towers, $784M in Loans

The REIT warned it was short of cash to pay interest on floating-rate loans.

Canadian real estate giant Brookfield has defaulted on $784M in loans for two high-profile Downtown Los Angeles office towers, including $465M owed on the Gas Company Tower and $319M in loans for 777 South Figueroa St., also known as the 777 Tower.

“An event of default has occurred [and] lenders may exercise their remedies,” Brookfield’s DTLA Fund Office Trust Investor said in an SEC filing on Friday, adding that remedies may include foreclosure.

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Jack Rogers

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