Real Estate
Brookfield’s BofA Tower in LA Sees 69% Decline in Appraised Value
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The value of a downtown Los Angeles tower owned by an affiliate of Brookfield Asset Management Ltd. was slashed 69%, the latest sign of troubles for offices in US central business districts.
The Bank of America Plaza, a 55-floor tower that hosts the home office of asset manager Capital Group, was appraised at $188.9 million, down from $605 million 10 years ago, according to a filing last week for the property’s mortgage.