Assets
Office · Los Angeles Downtown

Gas Company Tower

555 West Fifth Street, Los Angeles Downtown · Built 1991 · 52 floors
Verified
Current value
$275.0M
▼ 40.9% 1-yr (modeled)
Cap rate
7.10%
▲ 140 bps vs 5.70% submarket
NOI · derived
$19.5M
Value $/SF
$205
$192.2M$212.4M$232.7M$253.0M$273.2M201920202021202220232024
sourcedmodeled1 of 6 sourced

Ownership & debt

Ownership graph

Asset → owner → parent → beneficial owner · every edge sourced

Ownership transparency

Recorded chain
Recorded owners
County of Los Angeles
Fee simple · 100% interest
Ultimate beneficial owner — as recorded
County of Los Angeles (government)
Beneficial interest
Methodology

Debt

Citi Real Estate Funding / Morgan Stanley (CMBS); mezzanine by Principal Financial Group
Prior owner (Brookfield) debt: $350M floating-rate senior mortgage + $65M and $50M mezzanine loans; defaulted Feb 2023, resolved via 2024 sale to LA County · matures 2023
$465.0M
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs
Current cash-on-cash
7.09%

Tenants & leasing

Southern California Gas Company (SoCalGas) - namesake/primary tenant since 1991, departing; lease expires end of 2026 (relocating to 350 S Grand)
Per-tenant lease detail arrives with disclosed stacking plans.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
9.7%
Exit cap
7.35%
Exit value
$307.6M
Exit NOI
$22.6M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps9.8%10.4%10.9%11.5%12.0%
0 bps9.2%9.7%10.3%10.8%11.4%
+25 bps8.6%9.1%9.7%10.2%10.7%
+50 bps8.0%8.5%9.1%9.6%10.1%
+75 bps7.5%8.0%8.5%9.0%9.6%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Single source — JLL (newsroom) · https://www.jll.com/en-us/newsroom/jll-closes-200m-sale-of-iconic-los-angeles-office-tower · observed 2024-12
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — County of Los Angeles: Single source — jll.com · https://www.jll.com/en-us/newsroom/jll-closes-200m-sale-of-iconic-los-angeles-office-tower
  7. Debt — Citi Real Estate Funding / Morgan Stanley (CMBS); mezzanine by Principal Financial Group: Single source — therealdeal.com · https://therealdeal.com/la/2024/01/02/brookfield-dtla-towers-lead-socals-top-defaults-in-2023/
  8. Tenant — Southern California Gas Company (SoCalGas) - namesake/primary tenant since 1991, departing; lease expires end of 2026 (relocating to 350 S Grand): Single source — therealdeal.com · https://therealdeal.com/la/2024/09/12/socalgas-to-exit-gas-company-tower-in-la-for-new-digs-on-bunker-hill/

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.