US Bank Tower in Downtown lists for sale

The iconic property is owned by Singapore-based OUE

Los Angeles /
Jan.January 14, 2019 12:00 PM
OUE Limited Executive Chairman Stephen Riady and the US Bank Tower

UPDATED on Jan. 14, at 3:05 p.m.: One of the most recognizable towers on the Los Angeles skyline is now for sale.

Overseas Union Enterprise (OUE), a Singapore-based investment management firm, is selling the 30-year-old U.S. Bank Tower in Downtown Los Angeles. Sources familiar with the listing said the firm is seeking bids close to $500 per square foot, or about $700 million.

Real Estate Finance & Investment first reported the news.

Located at 633 West Fifth Street in the heart of the Financial District, the U.S. Bank Tower spans 72 stories and has 1.4 million square feet of office space. The property, formerly called the Library Tower, is the third-largest building in California. It held the title of tallest building in the West until last year, when construction wrapped up on the Wilshire Grand in L.A. and the Salesforce Tower in San Francisco.

The bank tower has also become a big draw for tourists seeking some of the best views in the city. On its 70th floor, the skyscraper includes an observation deck with a 36-foot long glass slide that allows riders to slide down one floor along the outside of the building.

OUE will lease back the “Skyspace” observation deck and bar pending a sale, said another industry source familiar with the listing.

A spokesperson for OUE did not respond to requests for comment. The publicly traded company also owns several properties in Singapore, China and Malaysia.

Tenants leasing in the building include Lewis Brisbois, a 1,200-person law firm that occupies 260,000 square feet at the property. Global insurance firm Marsh & McLennan, and law firms Gordon & Rees and Hinshaw & Culbertson, are also tenants.

OUE acquired the building in 2013 for $367.5 million, records show. The firm then spent $50 million on renovations.

If sold for $500 per square foot, the deal would top the most expensive recent investment deal in Downtown Los Angeles. In 2017, Tom Barrack’s Colony NorthStar and Rising Realty Partners paid $465 million, or $465 per square foot, to acquire One California Plaza. That still didn’t surpass the sale of the Chase Tower, which traded for $486 per square foot in 2016.


Related Articles

arrow_forward_ios
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Photo illustration of Phillip Aarons and a rendering of the project (Patrick McMullan/Getty)
Hollywood megaproject along active fault line faces another test
Hollywood megaproject along active fault line faces another test
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
The Grand, Eighth & Figueroa, and 945 W. 8th (Related, Johnson Fain, L.A. Department of City Planning, Getty)
DTLA vacancy rates rose across all property types in 2020
DTLA vacancy rates rose across all property types in 2020
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
Brookfield Property Partners CEO Brian Kingston and the Gas Company Tower at 555 West 5th Street (Brookfield)
Brookfield lines up $465M refi for Gas Company Tower in DTLA
Brookfield lines up $465M refi for Gas Company Tower in DTLA
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...