HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > City Compilations


Reply

 
Thread Tools Display Modes
     
     
  #15081  
Old Posted Yesterday, 1:52 AM
craigs's Avatar
craigs craigs is online now
Birds Aren't Real!
 
Join Date: May 2019
Location: Los Angeles
Posts: 6,671
Los Angeles office skyscraper faces foreclosure sale


The Gas Company Tower in downtown L.A. was considered one of the city’s most prestigious office buildings when it was completed in 1991. In recent years the office market has turned against landlords. (Myung J. Chun / Los Angeles Times)

Roger Vincent
Los Angeles Times
March 28, 2024

Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, faces foreclosure as landlords continue to struggle to keep tenants in their buildings.

A notice of trustee’s sale for the high-rise on Bunker Hill was filed March 21 with the Los Angeles County Registrar-Recorder/County Clerk, setting the stage for a foreclosure sale as soon as 90 days after the filing.

The sale may complicate plans by the city of Los Angeles to lease more than 300,000 square feet in the building. The city has been negotiating with the receiver in control of the property for months to sign what would be one of the region’s largest office leases of the year if it is approved by the City Council.

. . . .
__________________
Donald Trump is America's Hitler.
Reply With Quote
     
     
  #15082  
Old Posted Yesterday, 3:19 AM
scania's Avatar
scania scania is offline
Registered User
 
Join Date: Mar 2004
Location: Los Angeles, CA (DTLA)/Atlanta, Ga. (Midtown)
Posts: 2,246
Quote:
Originally Posted by craigs View Post
Los Angeles office skyscraper faces foreclosure sale


The Gas Company Tower in downtown L.A. was considered one of the city’s most prestigious office buildings when it was completed in 1991. In recent years the office market has turned against landlords. (Myung J. Chun / Los Angeles Times)

Roger Vincent
Los Angeles Times
March 28, 2024

Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, faces foreclosure as landlords continue to struggle to keep tenants in their buildings.

A notice of trustee’s sale for the high-rise on Bunker Hill was filed March 21 with the Los Angeles County Registrar-Recorder/County Clerk, setting the stage for a foreclosure sale as soon as 90 days after the filing.

The sale may complicate plans by the city of Los Angeles to lease more than 300,000 square feet in the building. The city has been negotiating with the receiver in control of the property for months to sign what would be one of the region’s largest office leases of the year if it is approved by the City Council.

. . . .
The Gas Company has been building a new office in the Pico Rivera area of Los Angeles. One of the last departments that’s in the Gas Company Tower will be moving there next year. I believe there will be no more SoCal Gas employees left there.
__________________
It's a beautiful day!
Reply With Quote
     
     
  #15083  
Old Posted Yesterday, 3:49 PM
LAsam LAsam is offline
Registered User
 
Join Date: Oct 2006
Location: Los Angeles
Posts: 2,775
Total bloodbath right now in the downtown office market. $465 million in debt on the Gas Company Tower and it's estimated to be valued at roughly $200 million in the current market. Appraised for $632 million in 2020.
Reply With Quote
     
     
  #15084  
Old Posted Today, 1:12 AM
craigs's Avatar
craigs craigs is online now
Birds Aren't Real!
 
Join Date: May 2019
Location: Los Angeles
Posts: 6,671
Quote:
Originally Posted by LAsam View Post
Total bloodbath right now in the downtown office market. $465 million in debt on the Gas Company Tower and it's estimated to be valued at roughly $200 million in the current market. Appraised for $632 million in 2020.
Remember, though, that the article took the average value and just applied it to the Gas Company Tower. Now, I don't know the condition of the offices in the building. And all commercial real estate right now is indeed in a deep downcycle. But I still think the Gas Company Tower is likely worth more than the average office building in DTLA.
__________________
Donald Trump is America's Hitler.
Reply With Quote
     
     
End
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > City Compilations
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 4:45 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.