Los Angeles County agrees to buy downtown skyscraper (www.latimes.com)

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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.

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[-] [email protected] 3 points 1 month ago

Sounds like they plan to move local government into it, instead of renovating 33 of their buildings. The current 33 buildings could potentially be demolished (currently seismical unsafe) and rebuilt as housing though.

this post was submitted on 02 Aug 2024

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