Suspense over whether the Gas Co. Tower in downtown Los Angeles will remain the headquarters of Southern California Gas Co. is over: The big utility is staying put in its signature tower for the next 15 years.
Southern California Gas said Wednesday that it would keep its more than 1,300 employees in 350,000 square feet in the 50-story skyscraper at 555 W. Fifth St., where it has been the anchor tenant since the tower was completed in 1991.
Real estate industry analysts had been watching to see whether the gas company would bail out on troubled landlord MPG Office Trust Inc., formerly Maguire Properties Inc. Terms of the agreement weren’t released, but MPG’s average asking rent rate in the tower is almost $38 a square foot per year, according to real estate brokerage Cushman & Wakefield.
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