JLL Capital Markets successfully closed the sale of The Gas Company Tower, a 1.3-million-square-foot office building located at 555 W. Fifth St. in Downtown Los Angeles for $200 million. The buyer was identified as Los Angeles County and the property was marketed by JLL on behalf of a CMBS trust that previously held the mortgage.
The seller’s team from JLL Capital Markets Investment Sales and Advisory, led by senior managing directors Jeffrey Bramson, Sean Ryan, and Tom Hall along with managing director Andrew Harper and director Will Poulsen represented the seller in this transaction.
According to Bramson, “The sale of The Gas Company Tower presents an exceptional opportunity to acquire a premier asset in DTLA at pricing levels not seen since nearly two decades ago.” He also stated that this deal marks an important milestone for DTLA’s office market as it is expected to bring about increased transaction activity and price stability by 2025.
This news was originally reported on Connect CRE.
