LOS ANGELES-Singapore-based Overseas Union Enterprises Ltd. has confirmed its acquisition of downtown's US Bank Tower, the tallest building in the Western U.S., for $376.5 million.
Library Square Assoc. LLC, a subsidiary of MPG Office Trust, was the seller. GlobeSt.com previously reported on the transaction and its implications.
Richard Stockton, president/CEO of the Americas for OUE, tells GlobeSt.com that the company will “partner with prospective tenants to help them fund the remodeling and renovation of the floors that they would like to occupy in the building.” The building is currently 56.1% leased and has a diverse tenant base.
Stockton calls the US Bank Tower “one of the most iconic landmark properties in the US with a diversified tenant base in an ideal location in a major US CBD. And with space available for lease in the building, there is an ability to generate a strong return on investment for OUE shareholders. We are confident of a continued strong economic recovery in the US and the continued revitalization of downtown Los Angeles.”
The firm will also take possession of Maguire Gardens and a car-park facility.
Built in 1989, US Bank Tower is a class-A office property at the foot of Bunker Hill. It contains 72 floors of office space and six levels of underground parking, has an area of approximately 1.4 million square feet and rises to 1,018 feet.
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