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The L.A. Skyline Has a New Owner
A major player has just picked up four of downtown Los Angeles’ most prominent real estate properties—including Gas Company Tower—dropping $430 million in a move that is set to make them the financial district’s largest operator of commercial property while acquiring MPG Office Trust, the local firm that has long held that distinction. So who’s the landlord behind such a splashy move? Brookfield Office Properties Inc, a Manhattan- and Toronto-based real estate company with other holdings in Los Angeles. While a deal is pending at this time, its got industry insiders talking about what the shift in power could mean for both tenants and the market. The executive director of brokerage firm Cushman & Wakefield, Steve Marcussen, citing MPG’s economic difficulties and the good financial standing of Brookfield, put it this way to the Downtown News: ““This is the best outcome that ever could have happened.”