Adam Rubin and Andrew Shanfeld\u2019s Carolwood is in escrow to buy the 41-story EY Plaza for $130 million, or about $141 per square foot, The Real Deal has learned.
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\nThe 11-year-old firm, which invests in real estate, hot sauce and a YouTube influencer, is set to close with landlord Brookfield Properties\u2019 lenders to purchase the troubled downtown office tower at 725 South Figueroa Street in June, according to multiple sources with knowledge of the deal and servicer commentary provided by Morningstar.<\/p>\n
The deal leaves Toronto-based Brookfield underwater on $305 million worth of debt tied to EY Plaza. The bulk of it comes from a $275 million commercial mortgage-backed securities refinance package Brookfield took out in September 2020 from Morgan Stanley and Wells Fargo. That loan package has been in special servicing for two years and is set to mature in October after Brookfield received two extensions, according to Morningstar data.
\nA $30 million mezzanine loan comprises the rest of the debt, as TRD previously reported.<\/p>\n
The 920,000-square-foot office tower was placed in a receivership shortly after Brookfield fell behind on its debt payments in May 2023, with a judge appointing Trident Pacific\u2019s Gregg Williams as the receiver and Colliers as the property manager.
\nBrookfield\u2019s lenders won the court\u2019s approval to put the property up for sale last November, according to court documents and servicer commentary.
\nThe building was developed in 1985 and has served as an outpost to accounting giant Ernst & Young, now called EY, since 1999, when it became its anchor tenant and gave the tower its current name, EY Plaza. EY occupies 127,613 square feet, according to Morningstar data. Other tenants at the property include law firm Pillsbury Winthrop Shaw and the U.S. General Services Administration, the federal agency that manages the government\u2019s real estate portfolio.<\/p>\n
Rubin and Shanfeld declined to comment and a spokesperson for Brookfield did not immediately respond to a request for comment.
\nEastdil Secured is brokering the deal for the lenders, according to one of the sources with knowledge of the deal. A spokesperson for the brokerage did not immediately respond to a request for comment.
\nKeith Larsen contributed reporting.<\/p>\n
Carolwood buys DTLA\u2019s AON Center for $148M
\nCarolwood flips Beverly Hills strip mall for 70% profit in five months
\nValue of Brookfield\u2019s troubled EY Plaza in Los Angeles falls 53%<\/p>\n
The acquisition of EY Plaza by Carolwood for $130 million is a significant deal that highlights the ongoing shifts in the commercial real estate market. With Brookfield facing significant debt and the property being placed in receivership, the sale is a crucial step for all parties involved. As Carolwood continues to expand its portfolio, it will be interesting to see how they navigate the challenges and opportunities presented by this new acquisition.<\/p>\n
Q: How much did Carolwood pay for EY Plaza?
\nA: Carolwood paid $130 million for EY Plaza.
\nQ: Why was EY Plaza placed in receivership?
\nA: EY Plaza was placed in receivership after Brookfield fell behind on its debt payments in May 2023.
\nQ: What is the total debt tied to EY Plaza?
\nA: The total debt tied to EY Plaza is $305 million.
\nQ: Who is brokering the deal for the lenders?
\nA: Eastdil Secured is brokering the deal for the lenders.<\/p>\n","protected":false},"excerpt":{"rendered":"
Introduction to Carolwood’s Acquisition Adam Rubin and Andrew Shanfeld\u2019s Carolwood is in escrow to buy the 41-story EY Plaza for $130 million, or about $141 per square foot, The Real Deal has learned. The 11-year-old firm, which invests in real estate, hot sauce and a YouTube influencer, is set to close with landlord Brookfield Properties\u2019 […]<\/p>\n","protected":false},"author":3,"featured_media":13749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-13748","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/static.therealdeal.com\/wp-content\/uploads\/2025\/05\/LA-Carolwood-f-700x496.jpg?w=1920&resize=1920,1344&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/posts\/13748"}],"collection":[{"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/comments?post=13748"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/posts\/13748\/revisions"}],"predecessor-version":[{"id":13750,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/posts\/13748\/revisions\/13750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/media\/13749"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/media?parent=13748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/categories?post=13748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/los-angeles\/wp-json\/wp\/v2\/tags?post=13748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}