Manulife US REIT agrees to sell Los Angeles Figueroa office tower for US$93 million

Reuters03-30

Manulife US REIT agrees to sell Los Angeles Figueroa office tower for US$93 million

Manulife US REIT proposed sale of Figueroa office tower at 865 South Figueroa Street in Los Angeles to City of Los Angeles Department of Water and Power for USD 93 million.
Purchase agreement execution targeted around May 2026, subject to approvals by Board of Water and Power Commissioners plus Los Angeles City Council.
Transaction completion expected in 2Q 2026, subject to closing adjustments including estimated USD 3.7 million holdback plus about USD 3.1 million leasing costs.
Net proceeds estimated at about USD 82 million, earmarked for early repayment of 2026 maturities plus partial repayment of 2027 loans.
Independent valuation pegged property at about USD 93 million as of March 20, 2026; occupancy stood at 45.6% as of Dec. 31, 2025.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Manulife US Real Estate Investment Trust published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: BNO41DE7IDKD6REO) on March 29, 2026, and is solely responsible for the information contained therein.

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