MPG Auctions LA Office Towers Backing $470M Defaulted Loan

Law360, New York (October 2, 2012, 7:20 PM EDT) -- A foreclosure auction was held Monday for two 54-story office towers at Two California Plaza in downtown Los Angeles, relieving owner MPG Office Trust Inc. of a $470 million defaulted mortgage secured by the property, according to MPG.

The real estate investment trust said the trustee sale allowed it to avoid paying the defaulted loan and accrued contractual and default interest on the mortgage for the skyscrapers, more than six months after announcing that it planned to relinquish the property.

“In addition, the company received a...
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