California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
BREAKING NEWS: Silverstein Reportedly in Talks with OUE to Buy L.A.’s U.S. Bank Tower
Singapore-based OUE Limited is reportedly in talks with New York-based Silverstein Properties to sell the iconic U.S. Bank Tower in Downtown Los Angeles. The 72-story, 1.4-million-square-foot office building was placed on the sales block earlier this year. At that time, CRE experts estimated the asset could trade in the range of $700 million. Given the economic upheaval caused by the global COVID-19 pandemic in the ensuing months, it is uncertain where pricing could land.
OUE Limited indicated in an SGX filing on Tuesday it had entered ‘non-binding exploratory discussions’ with a potential institutional buyer. The company said in a statement, “Although negotiations with the prospective purchaser are currently underway, there is no assurance whatsoever that these ongoing negotiations will result in any definitive or binding agreement with the prospective purchaser being reached in relation to the proposed sale, nor as to the terms of such proposed sale. “
OUE Limited acquired the tower in 2013 for $367.5 million and subsequently spent $100 million on renovations, as well as adding a 36-foot long glass slide attraction outside of the structure on the 70th floor observation deck. The property is located at 633 W. 5th St. and was built in 1989 by Maguire Partners.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
