Brookfield is walking away from Beaudry, a $600 million luxury residential tower in downtown Los Angeles, according to The Wall Street Journal.
The 785-unit, 695-foot tower opened less than four years ago and is approximately 95 percent occupied. However, rental rates have fallen short of Brookfield’s expectations, with concessions, including periods of free rent, needed to attract tenants, according to the article.
The decision comes amid continued challenges for downtown Los Angeles, where the shift toward remote work has weakened office demand and slowed the recovery of the residential market.
