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.

    • SineIraEtStudio@midwest.social
      link
      fedilink
      English
      arrow-up
      4
      ·
      2 months 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.

    • SubDRSiveOP
      link
      fedilink
      English
      arrow-up
      1
      ·
      2 months ago

      I think they should impound that unfinished Chinese tower with the graffiti and hire homeless people to make it into homeless housing.