Jones Lang LaSalle Incorporated : JLL to market for sale The Gas Company Tower in Los Angeles

LOS ANGELES, May 14, 2024 - JLL Capital Markets announced today that it has been retained by Gregg Williams, Receiver of Trident Pacific, to market for sale The Gas Company Tower, a 52-story, LEED-Gold-certified office tower totaling 1,373,583 square feet in Los Angeles.

The property was formally owned by an affiliate of Brookfield Asset Management Ltd. and is a receiver sale as part of the foreclosure proceedings.

Positioned on a 1.39-acre site at 555 W Fifth St., The Gas Company Tower is located within the Bunker Hill neighborhood of Downtown Los Angeles (DTLA). With a WalkScore® of 98, the property offers unrivalled pedestrian access to a wide array of dining, entertainment and cultural destinations. Fine dining options like Bottega Louie, Otium, and Nick & Stef's Steakhouse, as well as fast-casual eateries like Lemonade, Mendocino Farms, Chipotle, and Shake Shack are a short walk away. A variety of cultural attractions such as the Walt Disney Concert Hall, The Broad Museum, and the Museum of Contemporary Art (MOCA) are less than five minutes away. Additional, DTLA has seen a surge in residential development, with many of the new communities within walking distance of 555 W Fifth St. The property also boasts a TransitScore® of 100, situated just one block from the Pershing Square Metro station.

The Gas Company Tower has a modern aesthetic that stands out among the surrounding office buildings. The property is currently 57% leased, with approximately 74% of the rent roll consisting of credit tenants, including Deloitte, Southern California Gas Co., B. Riley, Arent Fox Schiff, Knol Latham & Watkins, ICF Consulting Group, Mirae Asset Global Investments and Starbucks.

The JLL Capital Markets Investment Sales and Advisory team representing the seller is being led by Senior Managing Director Jeffrey Bramson and Managing Director Andrew Harper and Director Will Poulsen

"The sale of Gas Company Tower represents a generational investment opportunity to acquire a trophy asset at an exceptional basis," Harper said. "While the office market has been challenged, we've seen a surge in demand for high-quality, top-tier assets such as 555 W Fifth St. that are located in vibrant mixed-use destinations like Bunker Hill."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.