L.A.’s second-tallest building placed on the market
OUE USA Services Corp., the U.S. division of Singaporean developer OUE, has put U.S. Bank Tower, the second-tallest building in Los Angeles, on the market for an estimated sales price of $700 million.
U.S. Bank Tower, formerly Library Tower and First Interstate Bank World Center, is a 1,018-foot-high skyscraper at 633 West Fifth Street in downtown Los Angeles.
Singapore property developer OUE Ltd., backed by the Indonesian-based Riady family, has started marketing the building after a $50 million enhancement project in 2015. OUE built an outdoor observation deck, bar and restaurant on the upper floors and added an outdoor glass-enclosed 45-foot slide, which goes from the 70th floor to the 69th floor. The building has three restaurants, including 71Above on the 71st floor.
The property is approximately 85 percent occupied.
The Indonesian family purchased the 72-story tower in 2013 for $367.5 million.
Class A offices located downtown were