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LA’s Tallest Building Purchased for $367.5 Million

usbanktower

Image: Regus.com

The U.S. Bank Tower in Los Angeles is the city’s tallest building and Singapore-based real estate company Overseas Union Enterprise Ltd. (OUE) has just purchased it for $367.5 million.

Built in 1989, the circular U.S. Bank Tower in Los Angeles features approximately 1.4 million square feet of space spread over 72 floors with six floors of underground parking, according to a statement released by OUE. Bloomberg reports that OUE’s recent acquisition of the building is a way of expanding their business beyond Singapore.

Stephen Riady, OUE Executive Chairman said, “U.S. Bank Tower is a well-positioned building that we expect to appeal to a broad base of both local and international office tenants operating in California.”

The U.S. Bank Tower is one of the best-known office buildings in the country. Designed by the New York firm of architect I.M. Pei, the landmark was previously owned by MPG Office Trust Inc., who declined to discuss the sale, according to The Los Angeles Times. MPG is estimated to bring in a profit of approximately $103 million from the sale.

Buyer OUE develops and operates commercial properties in Southeast Asia, such as hotels, condominiums and offices.

The soaring tower, which is currently 56 percent occupied, has been featured in numerous television shows and movies, including the 1996 film ‘Independence Day.’

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New York February / March 2014
New York February / March 2014