Another distressed Brookfield-owned downtown office tower is on the market: Bank of America Plaza. Colliers is shopping the defaulted commercial mortgage-backed securities loan connected to the 1.4 million-square-foot skyscraper in Downtown Los Angeles, according to Green Street. The balance of the debt is $400 million, and the brokerage anticipates substantially discounted bids. The 57-story tower was appraised at $212.5 million, or about $150 per square foot, a year ago. That’s about a third of its $605 million value a decade ago, when Brookfield refinanced. Brookfield defaulted when the loan matured in September 2024, and a receiver was appointed in May. […]
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