Can Downtown LA make a comeback?
The year’s priciest office sale in all of Los Angeles happened downtown, and still, it only came out to about $150 per square foot. Considering the pre-pandemic normal was about $450, there’s little room to doubt the market is suffering. But there is still a pulse. The deal was for Bank of America Plaza, an iconic office tower on Bunker Hill in downtown Los Angeles’ Financial District. Capital Group, a tenant, purchased the skyscraper for $210 million. The previous owner, Brookfield — a commercial real estate giant now synonymous with downtown distress — defaulted on a loan of around $400 […]This article originally appeared on The Real Deal. Click here to read the full story.
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