Amid L.A.’s office lease woes, a tower goes into receivership

A financially troubled skyscraper in downtown Los Angeles has gone into receivership as office landlords there struggle to keep their buildings leased.

- By ROGER VINCENT

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.