Introduction to L.A. County Office Deals
The Los Angeles County office market has seen significant activity in the first three quarters of the year, with Brookfield securing the top spot on the priciest office sales list. According to Los Angeles County tax assessor data and an analysis by The Real Deal, Uncommon Developers bought the roughly 1-million-square-foot property, at 601 South Figueroa Street, in June, for $210 million, or $202 per square foot.
This is the latest installment in a feature providing a weekly update on top sales by market segment, based on TRD Data for given periods.
Top Office Sales in L.A. County
The transaction marked the biggest commercial sale in Los Angeles County, but it was still not enough for Brookfield to cover the $250 million in debt on the 52-story tower, which was originally set to mature last July.
“This is a landmark sale for Downtown L.A.,” said Colliers’ Mark Schuessler, who arranged the deal for Uncommon in the deal along with colleagues Sean Fulp and Jordan Garcia. Newmark’s Kevin Shannon represented Brookfield in the sale.
Brookfield’s Los Angeles Office Holdings
Brookfield has been scaling back its Los Angeles office holdings after a string of post-pandemic defaults. Last year it unloaded 777 South Figueroa — another of its Downtown trophy properties — for $145 million, about half its outstanding debt, which defaulted in 2023.
Other Notable Sales
L.A. County’s top sale was followed closely by the $205.3 million trade of Maple Plaza in Beverly Hills. Tishman Speyer sold the 293,000-square-foot building at 345 North Maple Drive to Kilroy Realty in September. For Tishman Speyer, the sale completed a trio of dispositions in the submarket in just over a year; for Kilroy it marked the firm’s foray into the submarket. No. 3 on the list is Clarion Partners’ sale of i|o at Playa Vista to Barings for $150.7 million. The office campus includes 12130, 12150 and 12180 Millennium Drive.
Read More
Read more
Brookfield offloads distressed office tower in DTLA for $210M
Tishman Speyer selling $200M-plus Beverly Hills office building
Barings picks up $151M Playa Vista office complex from Clarion Partners
Conclusion
In conclusion, the Los Angeles County office market has seen significant activity in the first three quarters of the year, with Brookfield securing the top spot on the priciest office sales list. The sale of the 1-million-square-foot property at 601 South Figueroa Street for $210 million marked the biggest commercial sale in Los Angeles County.
FAQs
Q: What was the largest office sale in Los Angeles County in the first three quarters of the year?
A: The largest office sale in Los Angeles County was the sale of the 1-million-square-foot property at 601 South Figueroa Street for $210 million.
Q: Who bought the property at 601 South Figueroa Street?
A: Uncommon Developers bought the property at 601 South Figueroa Street.
Q: What was the price per square foot of the sale?
A: The price per square foot of the sale was $202.
