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The price is a deep discount from the building’s appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.

The proposed price is a deep discount from the building’s appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.

The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.

Owners may not have yet started renovations or they could have acquired the property at a deep discount — maybe out of foreclosure — and didn’t need to raise rent as much to earn their return.

After a lengthy renovation in 1989, when the mall was renamed as the Third Street Promenade, real estate developer Shaul Kuba and his partners started acquiring troubled properties on the Promenade at a deep discount and set out to find a flashy national tenant that could serve as a bellwether.