OUE shells out S$459m for US Bank Tower in Los Angeles

Related properties are also bought.

In a release, Overseas Union Enterprise announced it is to acquire the US Bank Tower and related properties Maguire Gardens and a car park facility in downtown Los Angeles.

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.

The total acquisition price is US$367,500,000, or approximately S$459,375,000 (based on an exchange rate of US$1.00 : S$1.25). OUE, through its wholly-owned U.S. subsidiary Beringia Central LLC, is acquiring the properties from Library Square Associates, LLC, a subsidiary of MPG Office Trust Inc. (NSYE:MPG), a US REIT.

OUE 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.”

He added, “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.”

OUE intends to leverage on its strengths in leasing and asset repositioning to increase occupancy and net operating income yield on the asset. OUE has developed expertise from its active lease management of office and retail properties in Singapore. The Singapore focus will continue after this acquisition.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia