The Pasadena Office Tower suffered a 59% decrease in appraisal value to $23 million, falling short of a $40 million loan. Occupancy dropped to 69% from 93% since 2015, with major leases expiring soon. One California Plaza in Downtown LA is in foreclosure after a 74% drop in value to about $121 million, significantly lower than its loan of $300 million. Occupancy decreased from 88% to 63%, and net operating income fell dramatically, indicating financial instability in the commercial real estate sector.
The nine-story Pasadena Office Tower reappraised at $23 million, a 59% decrease from its appraisal a decade ago, indicating severe financial distress linked to tenant flight and refinancing needs.
One California Plaza fell into foreclosure with a 74% decrease in appraised value to approximately $121 million, reflecting the broader trend of declining occupancy rates in Los Angeles commercial real estate.
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