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 building has roughly $465 million in loans, including $350 million in commercial mortgage-backed securities and two mezzanine mortgages for $65 million and $50 million. The price for office space in downtown Los Angeles is averaging about $141 a square foot, according to a note Wednesday released by Barclays. A nearby Brookfield tower at 777 S. Figueroa St. is being sold for about $145 million, roughly 50% less than the outstanding debt on the property.
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