One California Plaza was placed in receivership after Rising Realty Partners and DigitalBridge defaulted on $300 million in commercial mortgage-backed securities debt that has since been reclassified to foreclosure. A lender requested a receiver be appointed to take possession of the 1 million-square-foot, 42-story office tower downtown, and a judge agreed. The court-appointed receiver, Trigild, now has control of the property. But the receiver can’t sell without a court order. Rising Realty and DigitalBridge (formerly Colony Capital and earlier Colony Northstar) purchased the office tower, at 300 South Grand Avenue, for $465 million eight years ago. The property is now […]
This article originally appeared on The Real Deal. Click here to read the full story.
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