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Amid L.A.’s office lease woes, a tower goes into receivership
Los Angeles Times
|September 03, 2025
A financially troubled skyscraper in downtown Los Angeles has gone into receivership as office landlords there struggle to keep their buildings leased.
THE STAIRS at Angels Flight in downtown Los Angeles lead to California Plaza and the 42-story tower.
One California Plaza — the gleaming 42-story tower on Bunker Hill that was one of the most prestigious addresses in the city when it opened in the 1980s — has dropped 74% in value from its market peak.
Earlier this year, the owners defaulted on their $300-million debt, set to mature in November, and faced foreclosure.
At the request of lenders, a judge appointed Trigild, a receivership service, to take control of the 1-million-square-foot property, the Real Deal reported.
One California Plaza is appraised at $121.2 million, down from $459 million in 2013, according to a Morningstar Credit report, real estate data provider CoStar said.
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