{"id":1004658900,"date":"2023-04-25T07:21:47","date_gmt":"2023-04-25T15:21:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004658900"},"modified":"2023-04-27T00:05:09","modified_gmt":"2023-04-27T08:05:09","slug":"leasing-sky-high-colliers-takes-on-la-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/leasing-sky-high-colliers-takes-on-la-office-tower\/","title":{"rendered":"Leasing Sky-High: Colliers Takes on LA Office Tower"},"content":{"rendered":"
\"The<\/a>

The Gas Co. Tower. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Brookfield Properties <\/strong>has appointed Colliers <\/strong>as exclusive office leasing agent of the Gas Co. Tower in downtown Los Angeles. Court-appointed receiver Gregg Williams of Trident Pacific Real Estate Group <\/strong>retained the brokerage firm. Executive Vice President Ian Gilbert and Vice Chair Matthew Heyn will spearhead the leasing efforts.<\/p>\n

Vice Chair & Head of Colliers\u2019 Office Capital Markets team Sean Fulp is advising the client. California Real Estate Management Services<\/strong> Regional Managing Director Tina Minook will be overseeing property management<\/a> at The Gas Co. Tower.<\/p>\n

\n

READ ALSO<\/strong>: Office Owners Face Financing Dilemma<\/a><\/p>\n

\n

Brookfield was unable to repay a loan package of $465 million associated with the property, as well as $319 million in loans linked to the adjacent 777 South Figueroa St., as reported by multiple sources\u00a0<\/em>back in February.<\/p>\n

Located at 555 W. Fifth St., the 52-story office building is located within the city\u2019 Bunker Hill neighborhood, offering connectivity to Pershing Square METRO Station and METRO Bike Share. The Class A property is next to the historic core and in close proximity to restaurants, hotels, shopping centers, entertainment venues and cultural destinations.<\/p>\n

The roughly 1.4 million-square-foot, Class A property completed in 1991 was designed by Skidmore, Owings & Merrill<\/strong>. The Gas Co. Tower features various amenities<\/a> an outdoor plaza with seating, a dining and coffee kiosk, EV charging stations and executive car wash and detailing services.<\/p>\n

Tech slowdown impedes office sector recovery<\/h2>\n

The office building serves as headquarters for the Southern California Gas Co. Additional tenants at the property include Deloitte, WeWork and NuVision Federal Credit Union.<\/p>\n

Office recovery was constrained in the first quarter of 2023 due to a combination of factors such as the banking system’s instability and a slowdown in the tech sector<\/a>, despite inflation starting to level off, according to a recently released JLL<\/strong> report.<\/p>\n

In Los Angeles, the vacancy rate rose from 23.2 percent to 24.1 percent on a quarter-over-quarter basis, as tenants returned additional space to the market because of ongoing economic uncertainty and challenges in returning to the office.<\/p>\n","protected":false},"excerpt":{"rendered":"

A receiver retained the firm after Brookfield defaulted on a $465 million loan package.<\/p>\n","protected":false},"author":3030,"featured_media":1004658902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1594,21742,21747,15],"tags":[33497,35498,37021],"class_list":["post-1004658900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-los-angeles","category-latest","category-office","category-west","tag-brookfield-properties","tag-colliers","tag-skidmore-owings-and-merrill-llc"],"acf":[],"yoast_head":"\nLeasing Sky-High: Colliers Takes on LA Office Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A receiver has appointed Colliers as the exclusive office leasing agent at The Gas Co. 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