Downtown LA Office Tower Facing Foreclosure

An office tower in downtown Los Angeles, located at 555 West 5th St., is at risk of foreclosure after the owner, an affiliate of Brookfield Asset Management Ltd., abandoned the building. A notice of trustee’s sale for the Gas Company Tower was filed on March 21 with the Los Angeles County Recorder’s office, potentially leading to a foreclosure sale within 90 days. The situation raises concerns about the future of this iconic building.