Two value haircuts and a discounted sale. That’s the news out of a distressed Los Angeles office sector. Let’s start downtown, where it hurts the most. The 21-story Wedbush Center was recently appraised at $60.5 million compared with a $197.5 million value at loan issuance. That’s a 69 percent decrease in seven years, meaning the office tower is worth less than half the $128 million debt connected to it and less than the $196 million Cerberus Capital Management purchased it for. The commercial mortgage-backed securities debt backing the Class A offices at 1000 Wilshire Boulevard landed in […]
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