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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jack Rogers


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.