By Roger Vincent and Rebecca Ellis | LA Times
The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale.
The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.
The Board of Supervisors must still approve the deal, which county real estate officials quietly but aggressively negotiated. If completed, the purchase could move workers and public services out of existing county offices, including the well-known Kenneth Hahn Hall of Administration, which dates to 1960, according to multiple people familiar with the transaction who requested they not be named in order to discuss the confidential negotiations.
Read more at: LA Times
