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Office Landlord Defaults Are Escalating as Lenders Brace for More Distress

Los Angeles city Manhattan

21.02.2023 - 14:43

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wsj.com:

The number of big office landlords defaulting on their loans is on the rise, fresh evidence that more developers believe that remote and hybrid work habits have permanently impaired the office market.

The giant investment manager Brookfield Asset Management recently defaulted on a total of over $750 million in debt for a pair of 52-story towers in Los Angeles, according to a February securities filing. Real-estate firm RXR is in talks with creditors to restructure debt on 61 Broadway, a 34-story tower in Manhattan’s financial district, according to people familiar with the matter. Handing over the building to the lender is among the options under consideration, these people said.

Office Landlord Defaults Are Escalating as Lenders Brace for More Distress

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