Market Chatter: Brookfield Asset Management's Downtown LA Office Tower Drops 69% in Value

MT Newswires Live11-19

Brookfield Asset Management (BAM, BAM.TO) was trading nearly 1% lower late in Monday's regular session following a Bloomberg News report on Monday that the value of the company's Bank of America Plaza in downtown Los Angeles had been slashed by 69%, according to a recent mortgage filing.

The 55-story tower, completed in 1974 and renovated in 2009, was recently appraised at $188.9 million, down from $605 million a decade ago.

The property holds $400 million in commercial mortgage-backed security debt, which matured on Sept. 1 without being paid off or refinanced, according to the news outlet.

Brookfield did not immediately respond to a request from MT Newswires seeking comment and additional information on Monday afternoon.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 55.45, Change: -0.32, Percent Change: -0.57

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