LOS ANGELES—The $367.5 million sale of U.S. Bank Tower in Los Angeles has closed. MPG Office Trust sold the asset to Singapore-based Overseas Union Enterprise Ltd. in a deal originally announced in March.
The acquisition was completely through OUE’s wholly-owned subsidiary, Beringia Central LLC.
For MPG, the net proceeds of the transaction were approximately $103million and will be available for general corporate purposes.
Concurrent with the sale closing, Hines announced it had been retained by Beringia to serve as property manager for the 73-story, 1,018-ft. tall tower.
“Historically, U.S. Bank Tower has been a strong performer and for decades has stood as a symbol of the City of Los Angeles; we are privileged to be selected by a world-class owner like OUE to manage such an iconic project,” Hines Managing Director Doug Metzler said in a statement.
U.S. Bank Tower was designed by Pei Cobb Freed & Partners, and was completed in 1989. The 1,431,808-sq.-ft. class-A tower is leased to a prestigious tenant roster including: U.S. Bank; Barger & Wolen LLP; and White & Case LLP. Hines’ Leia Jensen will serve as the on-site general property manager.