The $2 billion deal saw Brookfield pick up four Downtown office towers spanning 5 million square feet. That included the five-story Gas Company Tower at 555 West 5th Street, which had an allocated purchase price of about $460 million.
The Gas Company Tower, a 52-story glass tower, stands out among the neighboring historic buildings. It is a LEED Gold A-Class office building designed by Skidmore, Owings & Merrill.
In the following years, Brookfield invested another $41 million in the 1.4 million-square-foot building, bringing in major new tenants like Deloitte and WeWork. More specifically, Deloitte with a contract expiring in 2031 pays $ 258.50 per sq.m. WeWork pays the highest rent at $ 297 per sq.m. for 9,250 sq.m. The company's contract expires in 2033.
In 2016, the landlord refinanced the property with a $450 million debt package from Deutsche Bank and Barclays, the senior portion of which was securitized into several CMBS transactions.
