US Bank building to be sold to investment group in Singapore
The U.S. Bank tower is being sold to an investment group in Singapore.
DOWNTOWN LOS ANGELES — Downtown's towering U.S. Bank building -- the tallest building west of the Mississippi -- is being sold to an investment group in Singapore.
The Los Angeles Times reports that MPG Office Trust Inc. is selling the Bunker Hill structure for $367.5 million after struggling with "deep debt and an anemic office market since the recession."
According to MPG's website, the U.S. Bank Tower was developed in 1989 as part of the $1 billion Los Angeles Central Library Redevelopment Plan. This overhaul included restoring and expanding DTLA's library and creating the Maguire Gardens, which extend west of the library and now include grassy space, fountains and Café Pinot.
The Los Angeles Business Journal reports that the 72-story bank tower is now being bought by an affiliate of Overseas Union Enterprise Ltd., and that the company has already paid a non-refundable deposit of $7.5 million.
The U.S. Bank building is 56 percent occupied, Bloomberg reports, and the company purchasing the tower is also buying Maguire Gardens across the street, as well as a Downtown parking structure.
The 1.4 million-square-foot bank tower will soon be pushed out of its first place position as tallest building in the West. The new Wilshire Grand, slated to open in 2017 with hotel rooms and office space, will (technically) tower higher than the U.S. Bank with a spire and marquee reaching 1,100 feet in the air.