Editor’s Note: An earlier version of this article misidentified the specific building involved in the transaction. The property is the Wells Fargo Center North Tower, not Bank of America Plaza.
The Wells Fargo Center North Tower, a skyline-defining giant on Bunker Hill, has officially been sold out of foreclosure as of Tuesday, adding another marquee entry to downtown Los Angeles' growing list of distressed office trades. The tower at 333 South Grand Avenue changed hands after months under a court-appointed receiver, a fresh sign of how hard the market is leaning on older, oversized office properties. Brokers say the new owner could move quickly to reposition or even rethink the tower for different uses.
Sale Details
According to CoStar, the 54-story Wells Fargo Center North Tower at 333 South Grand Avenue traded out of foreclosure on Tuesday after more than a year of financial strain. The outlet reports that Brookfield and The 601W Companies were among the firms tied to the property in the run-up to the sale.
How the Tower Got Here
According to The Real Deal, Brookfield defaulted on the tower's loan when it matured in late 2024, and a receiver was later appointed. That reporting said the loan balance was roughly $400 million and that brokers had been marketing the CMBS note ahead of the receivership sale. Trigild was named receiver, and Mount Street served as the special servicer, the outlet added.
Downtown's Reset
The transfer is the latest example of a broad reset that has pushed some of the region's biggest office assets into distress and, in some cases, into public or discounted private sales. The Los Angeles Times has documented similar foreclosure activity and buyer interest, including county-level offers for trophy towers, as vacancy rose and financing tightened for owners downtown. Market watchers say bargain-priced sales and potential conversions will continue to shape DTLA's next chapter.
Conversion and Redevelopment Options
While the immediate future of the North Tower is being decided, Brookfield and other owners in the area have long weighed housing or mixed-use alternatives for their Bunker Hill portfolio. For example, Urbanize LA previously covered proposals for the nearby "Residences at 333 South Hope," illustrating how residential conversion is increasingly on the table for the district's oversized office sites.
What To Watch
The identity of the buyer, any filings with the city, and the receiver's disposition report will be the first clues about whether the new owner intends to hold the property as traditional office space, reposition it for a new tenant mix, or pursue a more dramatic conversion. For now, the sale stands as another data point that buyers, lenders, and city officials will weigh as they try to chart downtown's next chapter.
