Singapore firm to buy iconic LA tower

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OLYMPUS DIGITAL CAMERASingapore-based developer Overseas Union Enterprise (OUE) has announced that it will acquire California’s tallest building, the US Bank Tower in downtown Los Angeles, for $367 million.

The seller is one of Los Angeles’ leading property firms, MPG Office Trust Inc, which earns $100 million in the deal.

US Bank Tower is a Class A office property at the foot of Bunker Hill in central Los Angeles. Rising to around 310 meters, with 72 floors of office accommodation and six levels of underground parking, it has an area of approximately 130,000  square meters. The building was completed in 1989. US Bank Tower is about 56.3 per cent occupied with a diverse tenant base, OUE said.

The US Bank Tower was previously named Library Tower and First Interstate World Center. Completed in 1989, the skyscraper was designed by the New York firm of architect I.M. Pei. The cylindrical structure was on an early list of targets for the 2001 terrorist attacks and has appeared in numerous TV shows and movies including the 1996 thriller ‘Independence Day,’ in which alien invaders appeared to blow it up.

The transaction is scheduled to close June 28, MPG Office Trust said in a news release.

Singapore-based investors allocated $2.5 billion toward investment in US property during 2012, including the $851 million purchase of the 101 California Street tower in downtown San Francisco in a partnership led by the Government of Singapore Investment Corp. (GIC) sovereign wealth fund. Aside from the San Francisco office tower acquisition, GIC is mostly focused on the US hotel sector, making sizeable direct acquisitions of resort properties in Hawaii, Arizona and California.

Malaysia’s Genting Group early in March 2013 announced plans for a massive development on 87 acres acquired from Boyd Gaming Corp. along the Las Vegas Strip, a project with investment totaling $2 billion in the first phase alone, including 3,500 rooms.

 

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Reading Time: 2 minutes

Singapore-based developer Overseas Union Enterprise (OUE) has announced that it will acquire California’s tallest building, the US Bank Tower in downtown Los Angeles, for $367 million.

Reading Time: 2 minutes

OLYMPUS DIGITAL CAMERASingapore-based developer Overseas Union Enterprise (OUE) has announced that it will acquire California’s tallest building, the US Bank Tower in downtown Los Angeles, for $367 million.

The seller is one of Los Angeles’ leading property firms, MPG Office Trust Inc, which earns $100 million in the deal.

US Bank Tower is a Class A office property at the foot of Bunker Hill in central Los Angeles. Rising to around 310 meters, with 72 floors of office accommodation and six levels of underground parking, it has an area of approximately 130,000  square meters. The building was completed in 1989. US Bank Tower is about 56.3 per cent occupied with a diverse tenant base, OUE said.

The US Bank Tower was previously named Library Tower and First Interstate World Center. Completed in 1989, the skyscraper was designed by the New York firm of architect I.M. Pei. The cylindrical structure was on an early list of targets for the 2001 terrorist attacks and has appeared in numerous TV shows and movies including the 1996 thriller ‘Independence Day,’ in which alien invaders appeared to blow it up.

The transaction is scheduled to close June 28, MPG Office Trust said in a news release.

Singapore-based investors allocated $2.5 billion toward investment in US property during 2012, including the $851 million purchase of the 101 California Street tower in downtown San Francisco in a partnership led by the Government of Singapore Investment Corp. (GIC) sovereign wealth fund. Aside from the San Francisco office tower acquisition, GIC is mostly focused on the US hotel sector, making sizeable direct acquisitions of resort properties in Hawaii, Arizona and California.

Malaysia’s Genting Group early in March 2013 announced plans for a massive development on 87 acres acquired from Boyd Gaming Corp. along the Las Vegas Strip, a project with investment totaling $2 billion in the first phase alone, including 3,500 rooms.

 

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