Brookfield has taken a write down of the South Tower of DTLA’s Wells Fargo Center by $111M—about a quarter of the trophy office building’s value—and is blaming the loss in value on the Measure ULA property transfer tax that went into effect on April 1 in Los Angeles.

The lower valuation was disclosed in an annual report by the Brookfield DTLA Fund Office Trust Investor, a publicly traded fund that owns six office buildings—including the Wells Fargo Center at 355 South Grand Avenue—and a retail center in DTLA, according to report in TheRealDeal.

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