Manulife US REIT has announced the proposed sale of its Figueroa property in Los Angeles, California, to the City of Los Angeles, acting through its Department of Water and Power, for USD92.5 million.
The property, a 35-storey office building located at 865 South Figueroa Street, was 45.6% occupied as at 31 December 2025, with a weighted average lease expiry (WALE) of 4.9 years by net lettable area.
An independent valuation commissioned by the trustee and manager and conducted by JLL Valuation & Advisory Services, LLC placed the property's value at USD92.7 million as at 20 March 2026, using an income capitalisation approach that combined discounted cash flow and direct capitalisation methods.
Related: Manulife US REIT highlights ‘stressed seller’ paradox as growth plans delayed
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