Oaktree Secures Loan Extension on DTLA Office Tower
Funds managed by Oaktree Capital Management, L.P. secured a loan extension at FourFortyFour South Flower, a 48-story, 914,000-square-foot office tower in Downtown Los Angeles. Terms weren’t disclosed. The lender provided the extension, which will contribute to the funding of future projects at the building.
Following a UCC foreclosure in January, Oaktree took ownership of the building. JLL’s Hayley Blockley, Josh Wrobel and Peter Hajimihalis were retained to lease the property and CBRE was hired to run property management. Since the acquisition, the new ownership team has secured leases totalling 90,000 square feet.
“Oaktree has been a constant presence in DTLA for nearly three decades and is excited to invest directly into an office project that is in our backyard,” said Justin Guichard, managing director and co-portfolio manager of Oaktree. The new ownership plans to continue investment in making FourFortyFour a healthy building for tenants and for the environment.