Overseas Union Enterprise Limited announced this week that it would acquire the US Bank Tower and Maguire Gardens in downtown Los Angeles for $67.5 million. Beringia Central LLC, a wholly owned US subsidiary of Singapore-based Overseas Union Enterprise Limited, is purchasing the building from Library Square Associates LLC, a subsidiary of MPG Office Trust Inc. Terms of the deal and brokers involved in the transaction were not disclosed. Net proceeds from the transaction are estimated to be approximately $103 million, according to an MPG press release.
Overseas Union Enterprise Limited Executive Chairman Dr Stephen Riady commented, "After a successful 2012, OUE is seeking new avenues for growth where value can be identified and realized. We intend to bring our knowledge and network to bear in pursuing new opportunities to generate value for shareholders. US Bank Tower is a well-positioned building that we expect to appeal to a broad base of both local and international office tenants operating in California."
US Bank Tower is a Class A office property at the foot of Bunker Hill. Rising to 1,018 feet, with 72 floors of office accommodation and six levels of underground parking, it has an area of approximately 1.4 million square feet. The building was completed in 1989. US Bank Tower is about 56.3% occupied with a diverse tenant base, including Akin Gump Strauss Hauer & Feld, U.S. Bancorp, and commercial law litigation services provider Cornerstone Research Inc.
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