Brookfield’s BofA Tower in LA sees 69% decline in appraised value
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Brookfield’s BofA Tower in LA appraised at US$188.9 million, down from US$605 million 10 years ago; represents a 69% decline; US office values fell 53% from March 2022 to September 2024; downtown LA office availability rate at 38% in Q3 2024; US office CMBS delinquency rate rose to 9.3% in October 2024; BofA Plaza has US$400 million in commercial mortgage-backed security debt; loan matured on Sept 1, 2024; 79% leased as of July 2024; Brookfield DTLA portfolio has defaulted on US$2.2 billion in debt; Gas Company Tower sold for up to US$200 million; Brookfield Corp president Nick Goodman noted US$30 billion in financings executed recently.

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