{"id":28365,"date":"2020-07-21T11:39:35","date_gmt":"2020-07-21T08:39:35","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=28365"},"modified":"2020-07-21T11:39:35","modified_gmt":"2020-07-21T08:39:35","slug":"oue-sells-us-bank-tower-los-angeles-office-space","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/oue-sells-us-bank-tower-los-angeles-office-space\/","title":{"rendered":"OUE Sells Iconic Los Angeles Office Tower"},"content":{"rendered":"
\"US<\/a>

U.S. Bank Tower, 633 West 5th Street, Los Angeles, CA<\/em><\/p><\/div>\n

Singapore-based property developer Overseas Union Enterprise (OUE) Limited has reportedly<\/a> agreed to sell the U.S. Bank Tower for $430 million. The long-awaited sale and purchase agreement was announced last week. The buyer is USBT Property Owner LP, which is an institutional purchaser that has ties to major commercial real estate investor Silverstein Properties, reported Commercial Observer<\/em><\/a>.<\/p>\n

OUE began marketing the property at the beginning of 2019, seeking bids of approximately $700 million at the time<\/a>. Encompassing more than 1.4 million square feet of trophy office space in Downtown Los Angeles<\/a>, the property was estimated to command roughly $500 per square foot.<\/p>\n

Beringia Centra \u2014 a wholly owned subsidiary of OUE that is, in turn, controlled by Indonesian conglomerate Lippo Group \u2014 first purchased the iconic Los Angeles property in 2013 from MPG Office trust for $368 million. Following the acquisition, the company invested nearly $100 million in renovating and improving the 30-year-old Los Angeles skyline icon. The investment drew big names to the tenant roster, including Mitsubishi Corp., national law firm Lewis Brisbois Bisgaard & Smith, and Regus.<\/p>\n

Skyline King on Bunker Hill<\/h2>\n

Completed in the early 1990s, the skyscraper now known as the U.S. Bank Tower previously bore the titles of Library Tower and First Interstate World Center. A timeless highlight of American post-modern architecture, the tower was designed by Henry N. Cobb and rises 1,018 feet above West 5th Street. It was the first supertall skyscraper to be built in the Western United States. Its unique figure in the Los Angeles skyline<\/a> is a reflection of the engineering finesse within, which made it possible to build what was then the tallest structure to be erected in a seismically active area.<\/p>\n