U.S. Bank Plaza is a 25-story, 427,000-sf property located on Ninth and J streets. The building's three main tenants are U.S. Bank, California Department of Managed Care and Investors Bank and Trust.
Shorenstein tied up the property after Grosvenor's deal with McCarthy Cook & Co. and Charlesbank Capital Partners LLC fell through last week. Sources say the would-have-been buyers were reluctant to take the investment risk given the current economy. Walton Street Capital and Equity Office Properties Trust were also bidding on the property but a deal was not reached.
According to local sources, Grosvenor received a great deal of interest in the property. The agreed-sale price between Grosvenor and Shorenstein will likely not be made available until the transaction closes. Shorenstein is currently in the due diligence process. The asking price was $120 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
