Jamison's Equitable Plaza value cut 62% to $58M in LA

Equitable Plaza, the Mid-Wilshire office tower owned by prolific Los Angeles landlord Jamison Services, has been reappraised at roughly $58 million, down 62 percent from its 2014 value, leaving the building worth less than the debt against it.

Why it matters

This is the repricing that developers and value-add buyers have been waiting to see printed. When a well-known operator’s asset is marked to about $80 a foot, down from more than $200 in 2014, it resets the basis for every comparable tower in the submarket and signals where distressed office is actually clearing. For buyers with dry powder, marks like this are the sourcing opportunity: the gap between loan balance and value forces lenders and special servicers to transact rather than extend forever. For owners, it is a warning that occupancy, not vintage or address, now drives valuation.

The numbers

The tower at 3435 Wilshire Boulevard in Koreatown was appraised at about $58 million as of August 2025, versus $150.5 million in 2014. Occupancy sits at 53 percent against a roughly 30 percent Mid-Wilshire vacancy rate. Jamison took out a $95 million loan in 2014, now carrying a balance near $75 million, defaulted in late 2024, and entered forbearance. The payoff date has been pushed to October 6, 2026, with the loan in special servicing under LNR.

What’s next

Watch whether the October deadline forces a sale, a discounted payoff, or a hand-back, the outcome will set the template for distressed Mid-Wilshire office. More at the Los Angeles market hub.