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DTLA’s U.S. Bank Tower to Trade in $430 Mil Deal

7/20/20

An institutional investor said to be an entity of Silverstein Properties is set to buy U.S. Bank Tower, the 72-story, 1.4 msf high-rise office tower at 633 West Fifth St in downtown Los Angeles. The seller, Singapore-based investment management firm OUE Limited, run by Indonesian billionaire Stephen Riady, will collect about $430 mil from the deal.

OUE first put it on the market roughly 18 months ago with an asking price of about $700 mil. The company had in its most recent corporate reports placed a value of $633 mil on the asset.

Constructed in 1989, U.S. Bank Tower was designed by Henry N. Cobb and Harold Fredenberg of I.M. Pei and Partners. The building is certified LEED Gold. OUE Limited acquired the property in June 2013 for $367 mil. Since that time, OUE has made a number of improvements in addition to adding an observation deck, OUE Skyspace, with a 36-foot glass slide that wraps around the exterior of the tower.




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