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Gas Tower Owners File for Chapter 11

September 19, 1998|Jesus Sanchez

The owners of Gas Company Tower, a 52-story downtown Los Angeles skyscraper, filed for Chapter 11 bankruptcy protection after the partners reached an impasse over operational issues, according to a statement by developer Maguire Partners. A Maguire Partners affiliate heads the group that owns the 1.2-million-square-foot building at 555 W. 5th St. People familiar with the deal said that the ownership group filed for bankruptcy after one of the partners--Daichi Life Property Holdings of Japan--refused to go along with a plan to refinance debt on the building. Advisors to Daichi could not be reached for comment. Maguire Partners said all loans on the building are being paid and that the bankruptcy filing does not involve any other Maguire Partners property.

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