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Brookfield has sold a key property in Downtown Los Angeles in its ongoing quest to divest its assets in the area.
The property at 735 S. Figueroa St. was roughly 86% occupied when it hit the market at the end of 2025, with tenants including anchors Target, Sephora, and Zara.
The FIGat7th retail center sold to Newport Beach-based JH Real Estate Partners for an amount in the high $60Ms, a source with knowledge of the deal told Bisnow.
A Troubled Past and Debt Extensions
While the shopping center boasts stable occupancy compared to neighboring properties, it arrives at this sale following a heavily troubled financial history.
Brookfield originally inherited the sunken 1986-built retail complex (then called 7th+Fig) back in 2006 through its multi-billion-dollar acquisition of Trizec Properties. At the time, the complex was bleeding foot traffic and struggling to remain relevant against the rise of e-commerce. Brookfield executed a massive, multi-million-dollar modern overhaul to transform it into the open-air destination it is today.
However, macroeconomic pressures eventually caught up with the property’s balance sheet. Brookfield had previously fought to hold on to FIGat7th, locking down a three-year extension in 2023 on its outstanding debt. By the end of 2025, that debt had increased to $61.7M. It was set to mature on April 1, but there was an option to extend the maturity date to May 29 if the property was in the process of being sold, according to financial statements.
In March, the Brookfield entity that owns FIGat7th entered an agreement to sell it. The sales price was described in the filings as enough to “fully satisfy the outstanding debt.”
Brookfield and JH Real Estate Partners didn’t immediately respond to Bisnow’s requests for comment.
The Broader DTLA Retreat
This is the second LA-area retail sale for Brookfield in as many months. Brookfield recently sold Victoria Gardens, a sprawling lifestyle center in Rancho Cucamonga, for $530M, or roughly $441 per SF.
More broadly, the sale serves as another major step in Brookfield’s aggressive retreat from the urban core. The firm’s localized DTLA fund previously triggered shockwaves across the commercial real estate market by defaulting on more than $1.1B in debt tied to the Gas Company Tower and the 777 Tower.
Brookfield is still largely looking to offload a collection of office towers it owns in Downtown LA. Their values have slumped post-pandemic as office workers shifted to hybrid work and perceptions of the neighborhood as undesirable proliferated.
As of the end of 2025, the company was trying to sell EY Plaza, which has just over $300M in debt on it, out of receivership. The Wells Fargo Center’s north and south towers were in maturity default with $505.7M and $267M in debt, respectively. And Bank of America Plaza, in receivership since June 2025, has a $400M mortgage that is in maturity default as well.
