Manulife proposes selling TCW Tower to LADWP for $93M

If all goes to plan, Manulife will sell a downtown skyscraper to the Los Angeles Department of Water and Power for $92.5 million, according to a divestment announcement.  The TCW Tower deal has not closed — it needs city council approval and a signed purchase and sale agreement. Still, at that price tag the proposed trade would come out to about $129 per square foot. The deal could close during the second quarter, the announcement read. The 35-story, 719,000-square-foot office tower located at 865 South Figueroa Street in downtown Los Angeles’ South Park district was about 46 percent occupied as […]This article originally appeared on The Real Deal. Click here to read the full story.