Overseas Union Enterprise Ltd will purchase California's tallest building for $367.5 million as part of their plan to expand business outside its home in Singapore. Executive Chairman of OUE Stephen Riady said in a statement, "U.S. 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." Purchase will be overseen by Beringia Central LLC.
The U.S. Bank Tower in Los Angeles, California is owned by MPG Office Trust Incorporated. Construction was completed in 1989 with a 1,018 feet or 310 meters in height and with a floor area of 1.4 million square feet or 130,000 square meters. According to OUE, the building comprises of 72 floors and a six levels of underground parking. It is said to be fifty six percent occupied.
Besides the U.S. Bank Tower, OUE will also be acquiring Maguire Gardens and Library Square Associates LLC's car park facility.
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