Brookfield Property Partners is taking out $465 million in loans to refinance the Gas Company Tower in downtown.

The 54-story building is located at 555 W. 5th St. The financing includes a $350 million loan, which is being provided by Citi Real Estate Funding Inc. and Morgan Stanley, and a $115 million mezzanine note, provided by Citi, Morgan Stanley and SBAF Mortgage Fund, according to a report from Moody’s Investors Service Inc.

The refinancing also includes a nearby parking garage, according to Moody’s. It is expected to close Feb. 5.

According to Moody’s, the property had a rent collection rate of 99.6% from March through November, and was 75.7% leased to 28 tenants. Those tenants have an average remaining term of more than six years. From 2015-2019, the average occupancy rate was 86.8%.

Gas Company Tower tenants include WeWork Cos. Inc., Southern California Gas Co. and Deloitte Touche Tohmatsu Ltd.

Tenant turnover “at the property is very granular,” according to Moody’s, and many of the building’s current tenants have a long history at the property.

The Gas Company Tower was built in 1991. Brookfield acquired it in 2013 from MPG Office Trust Inc. as part of a four-property, $1.9 billion sale. The other properties in the sale were at 333 S. Grand Ave., 355 S. Grand Ave. and 777 S. Figueroa St.

Moody’s said Brookfield has spent roughly $97 million on the tower since it acquired the property.

Brookfield has also refinanced the EY Plaza in downtown for $305 million, according to its third-quarter earnings report. The loan has a five-year term.

Brookfield is a huge player downtown, where it controls 45% of the high-end office market, according to data from CoStar Group Inc.

But the past year has been difficult for office space in the area. Market experts say downtown was hit hard because some tenants there rely on public transit for their workers. In addition, buildings can be crowded, and many require the use of an elevator, both negative factors during a pandemic.

Downtown saw few leases signed last year. The fourth quarter saw negative 106,744 square feet absorbed in the market and vacancy reached 18.3%, up from 16% for the same period in 2019, according to Jones Lang LaSalle Inc. data.