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12/11/24
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In a major L.A. office buy, the County of Los Angeles purchased The Gas Company Tower, a 1.3 msf, trophy high-rise in the heart of the city’s CBD, in a deal worth $200 mil, or $154/sf.
The Gas Company Tower is located at 555 W Fifth St in downtown’s Bunker Hill submarket. The 1.39-acre site is surrounded by other Class A office buildings and offers walkable access to a wide array of dining, entertainment and cultural destinations. The property boasts a Transit Score® of 100, given its location just one block from the Pershing Square Metro station providing public transit to the greater Los Angeles market.
Designed by the world-renowned architecture firm Skidmore, Owings and Merrill, the Gas Company Tower is a trophy-quality building standing 54 stories tall. Most recently renovated in 2018, the LEED Gold-certified tower offers efficient 27k sf floorplates, an open modern lobby and a five-level underground parking garage. The Gas Company Tower is 53% occupied by a diverse mix of predominately credit tenants, including Southern California Gas Company, Deloitte, B. Riley, Knoll, Arent Fox LLP and Latham & Walkins LLP.
Jeffrey Bramson, Sean Ryan, Tom Hall, Andrew Harper and Poulsen with JLL Capital Markets represented the seller, on behalf of a CMBS trust that previously held the mortgage. We’re told the listing generated offers from various investors, including users, institutions and private buyers.
“The Gas Company Tower presented a tremendous opportunity to purchase a top asset in DTLA at pricing not seen in nearly 20 years,” said Bramson. “This transaction represents an important milestone in the DTLA office market as we are witnessing a reset of the market and anticipate increased transaction activity and pricing stability in 2025.”
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