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Brookfield extends $250M in loans on DTLA Figueroa at Wilshire tower
MassMutual debt now matures in October on office building with anchor tenant PwC
Brookfield Properties has pushed out the maturity of a $250 million loan tied to its Figueroa at Wilshire tower in Downtown Los Angeles, The Real Deal has learned.
The loan on the 52-story tower at 601 South Figueroa Street was set to expire last July, according to property records.
But at the end of last year, Brookfield came to a deal with its insurance company lenders, Massachusetts Mutual Life Insurance and the Teachers Insurance and Annuity Association, to push out the maturity to Oct. 1, according to a loan amendment filed with L.A. County.
Brookfield has owned the 1.1 million-square-foot tower since 2006, when it bought Trizec Properties. Mass Mutual and TIAA each provided Brookfield with a $125 million loan in 2013 to refinance the building.
In 2022, Brookfield quietly put the building up for sale, but has not yet come to a deal.
Accounting giant PwC is the anchor tenant at the property, with just under 160,000 square feet leased through 2028, according to marketing materials for the building obtained by TRD in 2022.
Many office owners that want to hold onto their properties have worked to extend maturing loans, in the hope that the Federal Reserve will cut interest rates in the future, making refinancing easier and cheaper.
Brookfield has already chosen to walk away from other buildings in Downtown Los Angeles, including the Gas Company Tower and EY Plaza, which are both in receivership after the company defaulted on hundreds of millions of dollars in debt tied to the buildings.