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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
