California + Los Angeles + Office | January 16, 2019

DTLA’s Iconic U.S. Bank Tower Could Command $700M

Singapore-based OUE Limited is reportedly looking to sell the iconic U.S. Bank Tower in DTLA, which spans 72 stories and 1.4 million square feet of office space. The asset is expected to trade in the neighborhood of $500-per-square-foot, a figure that would work out to a price tag of $700 million, noted Downtown Center Business Improvement District’s Nick Griffin.

OUE acquired the skyscraper in 2013 for $367.5 million as part of a two-property portfolio that included the building and a parking facility. The investment management firm subsequently spent $100 million on renovations, as well as adding a 36-foot long glass slide outside of the building on the 70th floor observation deck.

Located at 633 W. 5th St., the Financial District property was built in 1989 by Maguire Partners, and known as Library Tower. It is the third-largest building in California.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.