The property asset involved in the transaction is an office building located at 333 South Grand Avenue, Los Angeles, with a total square footage of 1,400,000. The building is known as the Wells Fargo Center North Tower and is situated in a market facing ongoing distress in the office sector.

Summary of transation details:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 333 South Grand Avenue
• Market: Los Angeles
• Buyer: Mark Karasick - The 601W Companies
• Seller: Brian Kingston - Brookfield Properties
• Notable Detail: The 55-story tower is nearly fully leased, despite one major tenant's plan to vacate.
• Market Insight: The deal occurs amid a 25% year-over-year rise in L.A. office sales.

Mark Karasick represents The 601W Companies in the acquisition of the distressed mortgage from Brian Kingston, who represents Brookfield Properties. This transaction highlights the current challenges within the office market in Los Angeles, as 601West Cos. secured the deal amidst these circumstances.