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, Los Angeles County, acquired the property which was only 53% occupied at the time of sale from a CMBS trust that previously held the mortgage.
The seller was represented by JLL’s Capital Markets Investment Sales and Advisory team led by senior managing directors Jeffrey Bramson, Sean Ryan and Tom Hall along with managing director Andrew Harper and director Will Poulsen.
According to Bramson, “The Gas Company Tower presented an exceptional opportunity to purchase a premier asset in DTLA at pricing levels not seen in nearly two decades.” He also noted that this transaction marks an important milestone for the DTLA office market as it is experiencing a reset with potential for increased activity and stability in pricing by 2025.
In summary:
JLL completed the $200 million sale of The Gas Company Tower located at 555 W. Fifth St., representing LA County as they purchased this prime asset from a CMBS trust through JLL’s Capital Markets Investment Sales team led by senior managing directors Jeffrey Bramson, Sean Ryan and Tom Hall alongside managing director Andrew Harper and director Will Poulsen.
Bramson stated that this transaction is significant for both parties involved as it presents an opportunity to acquire top real estate within DTLA while also marking progress towards stabilizing market conditions expected to occur around year-end five years from now.
