LOS ANGELES (CNS) - Downtown Los Angeles' iconic U.S. Bank Tower has been sold to Manhattan real estate developer Silverstein Properties, the company announced today.
The purchase of the 1.4 million-square-feet office building from Singapore real estate company OUE Ltd. was worth $430 million.
“I am thrilled to add this outstanding property to our portfolio,'' chairman Larry Silverstein said. “I believe in the future of downtown Los Angeles. Many of the world's largest and most innovative companies are headquartered on the West Coast. The building is centrally located, easily accessible by car and public transportation. And over the past few years, downtown Los Angeles has started to transform into a 24/7 community, with new residential buildings, restaurants, and bars -- much like lower Manhattan in the years after 9/11. It is also home to the city's top museums, live music venues and sports stadiums.''
Silverstein officials said they planned to invest in a capital improvement program to provide the building's tenants with a “creative office campus in a vertical urban environment'' that will include new amenity spaces and common areas, new elevators, and a mobile app designed to help tenants get the most out of their workday.
Located at 633 W Fifth St., U.S. Bank Tower is the second tallest tower in Los Angeles at 1,018 feet, with the spire atop the 1,100-feet Wilshire Grand making that building the tallest.
It opened in 1989.
Silverstein Properties also manages 3 World Trade Center in New York.
Photo: Getty Images