Los Angeles County has agreed to buy the Gas Company Tower in a foreclosure sale for $215M, pending approval by the county's Board of Supervisors.
The sale price represents a discount of nearly 66% from the $632M appraised value of the 52-story downtown Los Angeles trophy building in 2020 when it was the crown jewel of Brookfield's DTLA office portfolio.
The county has submitted a nonbinding letter of interest for the tower, according to a report in the Los Angeles Times. The letter offers to take ownership of the building before a foreclosure auction that is scheduled to take place on August 16.
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