One of the biggest players in Manhattan real estate is about to become the largest landlord in downtown Los Angeles, controlling five of the 10 tallest skyscrapers in the city.
In a blockbuster deal, Brookfield Office Properties Inc. is paying about $430 million for some of the most prominent buildings on the city skyline, including Gas Company Tower and Wells Fargo Tower.
The pending deal marks the end of one of Los Angeles’ most celebrated office developers, MPG Office Trust, the financially struggling firm that just last month agreed to sell U.S. Bank Tower, the tallest building in the West, to foreign investors.
Founded by Robert F. Maguire in the 1960s, MPG was the best-known builder of top-flight office space in Southern California during the construction boom of the 1980s and 1990s. Maguire left the company once known as Maguire Thomas Properties in 2008.