The Financial Post reports in its Thursday, March 28, edition that a Los Angeles office building that Brookfield Asset Management defaulted on is being sold for about 50 per cent less than the outstanding debt on the tower. A Bloomberg dispatch to the Post reports that according to an unnamed source Consus Asset Management, a South Korea-based investment firm, agreed to purchase the tower at 777 S. Figueroa St. for about $145-million (all figures U.S.). Brookfield had about $289-million of debt on the building when it notified investors of a default, according to a February, 2023, filing. The transaction was reported earlier by Real Estate Alert. The company ran into issues with the property and other Los Angeles buildings over the past year as borrowing costs surged. It also defaulted on the Gas Company Tower, which had about $465-million in debt outstanding, and EY Plaza, with $305-million in debt. Office owners have been pummelled as higher borrowing costs weighed on valuations, with prices falling about 14 per cent in the 12 months through February, according to real estate data provider Green Street.