California + Los Angeles + Finance | May 24, 2023

Oaktree Capital Management, L.P. obtained a loan extension at FourFortyFour South Flower, an office tower in Downtown Los Angeles.

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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