The price tag on 333 South Grand Avenue wasn\u2019t disclosed, but sources previously told<\/a> The Real Deal it was $180 million when the deal was in talks. The loan funds the Bunker Hill purchase, plus $48 million to future leasing costs, per the release.\u00a0<\/p>\n A $180 million deal for the 54-story, 1.4-million-square-foot office tower, comes out to about $130 per square foot. (That doesn\u2019t account for the three-story retail spot connected to the tower, which is another 60,000 square feet). Either way, it is nowhere near the debt of around $500 million that was in default on the Wells Fargo Center\u2019s North Tower.<\/p>\n The Wells Fargo Center\u2019s sister South Tower is not included in the deal. Newmark is still shopping<\/a> that one.\u00a0<\/p>\n Of the distressed, Brookfield-related DTLA office offerings<\/a> \u2014 which amounted to about 18 percent of the Financial District (Bunker Hill included) late last year \u2014 the South Tower and EY Plaza, which has had two deals fall apart<\/a>, remain. Stay tuned.\u00a0<\/p>\n Closed\u00a0<\/p>\n A deal for 865 South Figueroa Street in downtown\u2019s South Park closed, broker JLL announced. TRD previously reported<\/a> Manulife was in talks to sell the downtown skyscraper to the Los Angeles Department of Water and Power for $92.5 million \u2014 and that\u2019s what happened. The trade for the 35-story, more than 700,000-square-foot office tower came out to about $129 per square foot.\u00a0<\/p>\n All roads<\/p>\n A special servicer for a lender and commercial mortgage-backed securities holders requested<\/a> a receiver and initiated a judicial foreclosure on the Fallas family\u2019s Metropolitan building in downtown Los Angeles\u2019 Historic Core.<\/p>\n The parties allege the Fallas family \u2014 of the bankrupt retailer and parent company of Fallas Paredes \u2014 defaulted on their loan<\/a> on the Beaux-Arts style building at 449 South Broadway and owes about $32 million. But special servicer LNR and the family are still in talks, which could result in a short sale, a person familiar said. The loan on the seven-story, 160,000-square-foot, mixed-use building comes out to about $200 per square foot \u2014 more than it would command in today\u2019s market.\u00a0<\/p>\n Price revealed \u2026 kind of<\/p>\n Late May, we wrote the non-performing note on ex-boxer Oscar De La Hoya\u2019s Downtown Los Angeles office tower sold<\/a>. De La Hoya owed<\/a> about $22 million on the 150,000-square-foot, 12-story Financial District tower.<\/p>\n The buyer was Farzad Essapour, but the price he paid for 626 Wilshire Boulevard was unknown. At the time, a source put a price tag at $12 million to $15 million, which would come out to between $80 and $100 per square foot. We have some more information. The loan was resolved for a loss \u2014 not a surprise. But now we know, per Trepp, the sale generated $13.3 million in net proceeds, and that left about $12.5 million in lenders\u2019 pockets.<\/p>\n Where the elite meet to eat<\/p>\n Leaving downtown, and on a more fun note, TRD received a photo of Leo Pustilnikov and Frank Mottek at Nate \u2018n Al\u2019s deli in Beverly Hills, where they ran into each other. I happened to have a couple meetings this week in Beverly Hills, too, where L.A. players like to lunch.<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t Receiver requested on DTLA\u2019s Metropolitan after Fallas family\u2019s $32M default<\/p>\n
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