L.A. Care Acquires Defaulted Loan on West7Center for $125M
L.A. Care has finalized a $125 million acquisition of a defaulted loan from Rising Realty Partners related to the West7Center. This transaction highlights a trend of organizations purchasing distressed properties at discounted rates in the post-pandemic market.
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L.A. Care has acquired a defaulted loan for the West7Center, an office and data center located at 1200 West 7th Street in Los Angeles, for approximately $125 million. This price is notably lower than the original $200 million loan amount.
The facility, which spans 730,000 square feet, translates to about $170 per square foot, exceeding average downtown office prices. L.A. Care fully occupies the building with a lease extending until 2035. The deal illustrates a growing trend of public agencies and organizations taking ownership of distressed real estate in the current market, as seen with other recent transactions by local entities.
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