A Tale of Two Towers

The story of the post-COVID U.S. office market is playing out at either end of the continent. In Los Angeles, a prominent landlord has lost one of its older office towers to receivership due to a default on financing. In Washington, D.C., meanwhile, a younger tower has landed a 103,000-square-foot anchor lease with a marquee credit tenant.

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— Tom Acitelli, Co-Deputy Editor

Brookfield’s Gas Company Tower Moves to Receivership After Default

The Gas Company Tower, one of Brookfield’s major properties in Downtown Los Angeles, was put into receivership more than a month after Brookfield defaulted on a loan tied to it. A court appointed Trident Real Estate Group’s Gregg Williams as a receiver for the building, giving him the ability to market the property for sale, at the behest of Brookfield lenders Citi Real Estate Funding and Morgan Stanley, according to TRD. A spokesperson for Citi did not immediately respond to a request for comment. Williams and spokespeople for Brookfield and Morgan Stanley declined to comment.

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Law Firm Fried Frank Renews 103K-SF Anchor Lease in Downtown DC Office

Fried Frank, an international law firm, will remain the anchor tenant in one of Washington, D.C.’s premier office buildings, after committing to a long-term lease. The firm has renewed its 103,000-square-foot space on floors five through eight in Lafayette Tower, a 324,500-square-foot building at 801 17th Street NW, inking a 10-year extension through 2037. An affiliate of Morgan Stanley Real Estate Advisor owns the 11-story building, which was delivered in 2010 and is currently in the midst of a renovation. Fried Frank has been in the building since it opened.

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