位于美国洛杉矶市中心南菲格罗亚街725号的安永广场在资产管理公司布鲁克菲尔德（Brookfield）于4月停止支付抵押贷款后进入接管程序。商业地产公司高力国际（Colliers）已经控制了这座41层高、968,184平方英尺的办公大楼。需要强调的是，安永与安永大楼被接管一事无关。
在一份新闻稿中，高力国际表示：“高力国际很高兴地宣布已获得洛杉矶市中心安永广场(EY Plaza)的独家租赁和物业管理权。该广场位于S. Figueroa街725号。已被任命为接管人的三叉戟太平洋房地产公司(Trident Pacific Real Estate)的Gregg Williams聘请了我们。Sean Fulp是高力国际美国西南地区办公室资本市场主管，作为破产管理的首席顾问，他的任务是确保安永广场在动荡的市场条件下仍能保值。”
这项任务标志着该公司在一个月内第二次高调接管办公大楼。今年4月从布鲁克菲尔德加盟高力的Ian M. Gilbert非常适合接手这项工作。Gilbert表示：“能有机会租赁安永广场，我们感到非常自豪。洛杉矶市中心很少有这样的办公资产，其丰富的历史、开放的设计和高度理想的步行环境将符合当今租户的期望。(根据高力在4月份宣布聘用Gilbert的新闻稿，在他15年的职业生涯中，吉尔伯特已经完成了1000多笔交易。)
南加州房地产新闻网站The Registry称，布鲁克菲尔德为安永广场提供了2.75亿美元的商业地产抵押贷款支持证券，以及价值3,000万美元的夹层贷款。
几个月前，布鲁克菲尔德的投资者就收到了安永广场难以偿还债务的警告。
今年早些时候，Brookfield就其偿债能力向投资者发出了警告。该公司承认，大楼产生的现金不足以支付即将到来的债务、租赁成本和与安永广场相关的资本支出。
远程工作的日益盛行增加了空缺率，这给布鲁克菲尔德带来了双重挑战。再加上利率上升，该公司不仅要为安永广场支付越来越多的债务，还要应对许多其他物业支出。由于布鲁克菲尔德持有相当数量的浮动利率贷款，利率上升产生了不利影响。财务文件显示，安永广场的贷款利率为伦敦银行同业拆借利率(Libor)加2.86%。今年3月，随着Libor在4.55%附近徘徊，Brookfield负担的利率达到了6.02%的上限。
布鲁克菲尔德在其2022年年度报告中表示，自2020年以来，入住率一直在下滑，租赁“没有达到大流行前的水平，因为企业考虑如何最好地实施重返办公室计划，并向混合或远程工作政策过渡”。到2022年底，洛杉矶市中心有30%的空置办公空间可供出租，是美国主要市场中空置办公空间最多的。
这是布鲁克菲尔德今年在洛杉矶失去的第二座建筑，还有更多的洛杉矶办公室面临被拍卖的风险。
根据2020年10月The Real Deal对安永广场租金的细分，安永在该大楼中占据12.1万平方英尺，每平方英尺28.47美元（大楼平均每平方英尺29.56美元）。
Fulp认为：“安永广场是洛杉矶最好的办公大楼之一，它的价值值得保护。我们不会坐等市场来决定自己的命运。该建筑现在资金充足，我们拥有一支高技能的管理和专业交易团队，以确保它仍然是洛杉矶市中心租户的首选之一。”
原英文报道如下：
Before we get into the situation, please note the issue discussed here is not EY’s fault. Rather, the office tower bearing the firm’s name at 725 South Figueroa Street in downtown Los Angeles has entered receivership after asset management company Brookfield stopped making payments on its debt in April. Commercial real estate firm Colliers has taken control of the 41 stories high, 968,184 square-foot office tower and issued a news release:
Colliers is pleased to announce it has been awarded the exclusive leasing and property management assignment of Downtown Los Angeles’ EY Plaza, formerly Ernst & Young Plaza, at 725 S. Figueroa Street. The firm was retained by Gregg Williams of Trident Pacific Real Estate, who has been appointed Receiver. Serving as lead advisor for the receivership estate, Sean Fulp, Head of Office Capital Markets, U.S. Southwest, is tasked with ensuring EY Plaza’s value is preserved despite the turbulent market conditions.
Check out this pettiness:
The assignment marks the firm’s second high-profile office tower takeover in under a month, an endeavor Ian M. Gilbert, who joined Colliers from Brookfield in April, is ideally suited to take on. “The opportunity to lease EY Plaza is one we are immensely proud of,” he said. “Few office assets of this caliber exist in Downtown Los Angeles, and its rich history, open-air design, and highly-desirable walkability will prove advantageous for today’s tenant expectations.” [Gilbert has transacted over 1,000 deals throughout his 15-year career, according to Colliers’ news release announcing his hiring in April]
SoCal real estate news site The Registry said Brookfield has a $275 million commercial mortgage-backed security loan for EY Plaza and a mezzanine loan worth $30 million.
Brookfield’s investors were warned months ago that the company was struggling to pay debts. The Registry:
Earlier this year, Brookfield issued a warning to investors regarding its ability to meet its debt payments. The firm acknowledged that the cash generated from the building would not be sufficient to cover impending debt obligations, leasing costs, and capital expenditures tied to EY Plaza.
The growing prevalence of remote work, which influenced increased vacancy rates, presented a dual challenge for Brookfield. Coupled with rising interest rates, the firm faced mounting debt payments not only for EY Plaza but for many of its other properties. As Brookfield held a considerable number of floating-rate loans, the rising rates had a detrimental impact. Financial filings indicate that the interest rate on the EY Plaza loan stood at Libor plus 2.86 percent. In March, with Libor hovering around 4.55 percent, Brookfield reached its rate cap of 6.02 percent.
Occupancy has been on a downward slide since 2020 and leasing “has not caught up to prepandemic levels as businesses consider how to best implement return-to-office plans and transition to hybrid or remote work policies,” Brookfield said in its 2022 annual report. With 30% available for rent at the end on 2022, downtown Los Angeles has the highest amount of vacant office space of any major US market.
It’s the second Los Angeles building Brookfield lost this year, with more LA offices at risk of foreclosure.
Accounting to this October 2020 The Real Deal breakdown of rents at EY Plaza, EY occupies 121,000 square feet in the building and pays $28.47 per square foot (building average is $29.56 per square foot).
Old photo of EY Plaza when it was still called Ernst & Young Plaza by Minnaert
Newer photo of EY Plaza from the Brookfield website
“EY Plaza is one of the best office buildings in all of Los Angeles, and its value is worth protecting,” said Colliers’ Fulp. “We will not sit back and wait for the market to determine its fate. The building is now very well capitalized, and we have a highly skilled team of management and transaction professionals to ensure it remains one of the premier options for tenants in downtown LA.”
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