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3/11/13
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MPG Office Trust has announced that they are selling the iconic U.S. Bank Tower in downtown LA, along with another property, for a combined $367.5 mil, as part of the office REIT’s ongoing efforts to reduce debt and streamline operations. In this latest news, the company has entered into an agreement to sell the skyscraper along with the nearby Westlawn Garage to an affiliate of Overseas Union Enterprise Limited (Singapore Stock Exchange: OUE).
Located at 633 West Fifth St, U.S. Bank Tower is the tallest building west of the Mississippi. It was developed in 1989 by Maguire Thomas Partners and contains 1.375 msf of Class A space over 72 floors. The building was designed by Pei Cobb Freed & Partners and is situated in the heart of LA’s financial district, close to the 110 Fwy, two LA Metro stations, Staples Center, Walt Disney Concert Hall, MOCA and much more.
The transaction is scheduled to close on June 28, 2013, following the expiration of the tax protection period on June 27, 2013. The buyer has made a non-refundable deposit in the amount of $7.5 mil. Net proceeds from the transaction are estimated to be approximately $103 mil and will be available for general corporate purposes, including potential loan rebalancing in connection with the refinancing of the company’s upcoming 2013 debt maturities.
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