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US Bank Tower Deal Boosts DTLA

LOS ANGELES-In an UPDATE to an earlier story, sources say the transaction has positive implications for Downtown's office market.

By Carrie Rossenfeld | Updated on March 14, 2013

LOS ANGELES-The sale of the US Bank Tower Downtown by MPG Office Trust to Beringia Central LLC, a wholly owned US subsidiary of Singapore-based Overseas Union Enterprise Limited, on which GlobeSt.com reported earlier this week, is being seen by CRE office executives as a plus for the area and the office market in general. Several industry insiders tell GlobeSt.com that the trade, which is set to close June 28, is a positive step if only because it diversifies the number of owners in the L.A. office playing field.

The new owner, for which the tower is its first US investment, is pleased with the way the US commercial real estate market is looking and sees interesting opportunity in the US market relative to Asia. Downtown L.A. is a market of particular interest to this group. “We’re very optimistic about Downtown,” Richard Stockton, the locally based president and CEO for OUE for the Americas, tells GlobeSt.com. “We like what we see in terms of the revitalization of the area. We like what’s happening in the entertainment district. We’d like to see more residential units being built and occupied. Downtown Los Angeles is going through a bit of a Renaissance, attracting more employers to the area. We hope to be part of that and continue to drive it in the right direction.”

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