Silverstein will pour $60M into US Bank Tower overhaul

Firm looks to give supertall creative office feel; observation deck, Skyslide getting axed

Los Angeles /
May.May 21, 2021 08:51 AM
Larry A. Silverstein with LA's US Bank Tower. (Getty, Silverstein)
Silverstein Properties’ Larry Silverstein with U.S. Bank Tower in Downtown L.A. (Getty, Silverstein)

Silverstein Properties’ planned $60 million overhaul of U.S. Bank Tower will look to add a creative office feel to the 31-year-old supertall.

The firm aims to make the 1.4 million-square-foot Downtown building more appealing to companies that have traditionally eschewed vertical offices for campus-like settings, according to the Los Angeles Times.

Silverstein said it would undertake a “comprehensive capital improvement plan” at the 73-story skyscraper when it closed its $430 million purchase of the property in September.

Silverstein received a significant discount — the firm paid 34 percent less than the tower’s most recent valuation by seller OUE Limited. The property is currently 73 percent leased.

The company’s long-term investment comes as the L.A. office market continues to struggle. Leasing volume in the first quarter fell to 3.1 million square feet compared to 5 million square feet in the first quarter of 2020. Overall vacancy countywide was at 17.2 percent.

Silverstein’s tower overhaul will include cosmetic changes as well as the addition of a coffee lounge and bar in the lobby, and communal tables and patios on the ground floor.

The 54th floor, a junction point for the lower- and upper-floor elevators, will be renovated into a lounge with a fireplace, co-working stations, bar, cafe and full-service kitchen.

Silverstein is doing away with the 70th floor observation deck and Skyslide, which were the work of OUE Limited. Those floors will be turned into leasable office space.

Silverstein’s head of leasing, Jeremy Moss, said his company wants the property to feel like a boutique hotel or residential building rather than an office building.

U.S. Bank Tower is Silverstein’s first investment in L.A. The New York-based firm announced it would explore more investments in the area in the future.

[LAT] — Dennis Lynch 


Related Articles

arrow_forward_ios
BLT Enterprises founder Bernard Huberman dies at 65
Bernard Huberman, who built a 3M-sf property portfolio, dies
Bernard Huberman, who built a 3M-sf property portfolio, dies
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
WeWork signs yoga retailer to 70K sf at Beverly Hills office
WeWork signs yoga retailer to 70K sf at Beverly Hills office
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
Renderings of the expansion, including the J.W. Marriott hotel (Saiful Bouquet)
Details of transformative LA Convention Center expansion emerge
Details of transformative LA Convention Center expansion emerge
Photo Illustration of Apple CEO Tim Cook (Getty)
Apple eyes LA production campus of 500K sf
Apple eyes LA production campus of 500K sf
GM CEO Mary Barra with the Pasadena campus (Getty, CBRE)
General Motors to make Pasadena campus its new design and technology center
General Motors to make Pasadena campus its new design and technology center
Fundrise CEO Ben Miller (LinkedIn, Fundrise)
Fundrise assembling big office, retail portfolio in LA neighborhood
Fundrise assembling big office, retail portfolio in LA neighborhood
Boston Properties’ Santa Monica Business Park and the Colorado Center in Santa Monica (LA Realty Partners, Boston Properties)
LA office leasing picks up in Q2; still lags pre-pandemic
LA office leasing picks up in Q2; still lags pre-pandemic
arrow_forward_ios

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

Loading...