Brookfield's 601 S. Figueroa Sold To Uncommon Developers For $210M
A little more than a year ago, Brookfield got an extension on a $250M loan on 601 S. Figueroa. Today, it sold the 52-story tower for $210M.
The buyer was Uncommon Developers, according to releases from Newmark and Colliers, which were involved in the sale. Neither firm named Brookfield in its releases for the transaction. Brookfield declined to comment.
Before this deal, Uncommon Developers was best known for The 24, a massive mixed-use Chatsworth campus with nearly 800 apartments, about 350K SF of office space and more than 10K SF of retail.
The firm's interest in 601 S. Figueroa came from its focus on "acquiring best-in-class assets that offer long-term stability with meaningful upside," Managing Partner Ryan Hekmat told Bisnow in an email.
"We acted quickly to secure 601 at what we believe is an extremely attractive basis — before fundamentals rebound and values reset. It’s the kind of rare opportunity that allows us to deliver exceptional returns in a highly secure structure," Hekmat added.
Hekmat is very familiar with the property. Before he was a managing partner at Uncommon, he worked for Brookfield Properties for nearly a decade, according to his LinkedIn profile. Hekmat told Bisnow he worked in and on this building while employed by the seller, who he did not name directly.
"When you know a building like this as well as we do — and the timing is right — you move without hesitation," Hekmat said.
The largest tenant in the building is PwC, which takes up approximately 160K SF on a lease through 2028, Bisnow has previously reported.
Brookfield has been looking to sell the tower for years, first listing it on the market in 2022.
The $201 per SF price is above some of the lows that office towers around the central business district in Downtown have sold for in recent months. In the last quarter of 2024, Union Bank Plaza sold for about $114 per SF. The Gas Company Tower likewise sold to the County of Los Angeles for $114 per SF, according to a Colliers report from the period.
Colliers Vice Chair Sean Fulp, Executive Vice President Mark Schuessler and Associate Vice President Jordan Garcia led the acquisition as advisers to Uncommon Developers.
A Newmark team led by co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll, and Director Alex Beaton represented the seller.
