default avatar
Welcome to the site! Login or Signup below.
|
Not you?||
Logout|My Dashboard

US Bank Tower to Be Sold - Los Angeles Downtown News - For Everything Downtown L.A.!: News

default avatar
Welcome to the site! Login or Signup below.
|
Not you?||
Logout|My Dashboard

US Bank Tower to Be Sold

Print
Font Size:
Default font size
Larger font size

Posted: Thursday, March 21, 2013 3:12 pm

DOWNTOWN LOS ANGELES - Downtown office giant MPG Office Trust is selling the trophy of its Central City portfolio, U.S. Bank Tower.

An affiliate of Overseas Union Enterprise Limited, a Singapore-based company, is in escrow to purchase the 72-story tower for $367.5 million, according to an MPG statement.

The pending sale of the tallest building west of the Mississippi River comes as MPG has long been struggling to reduce its debt load by selling or defaulting on properties.

Last year it defaulted on Two California Plaza, freeing the company of a $470 million mortgage on the tower, and it sold its 20% interest in the partnership that owns One Cal Plaza. The U.S. Bank Tower sale, which includes the parking facility at Fifth and Flower streets that services the Central Library, is expected to turn a $103 million profit for MPG, according to the statement.

The firm is expected to use the proceeds in part to restructure loans on its other properties, which include Downtown’s Wells Fargo Center, Gas Company Tower, KPMG Tower and 777 Tower.

The deal with Overseas Union is slated to close on June 28. 

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.