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 aoriginally 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 $103 million 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; 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.