Beringia Central, an indirect wholly-owned subsidiary of OUE Limited, the Singapore-based property developer controlled by Indonesian conglomerate Lippo Group, has agreed to sell the iconic U.S. Bank Tower in Los Angeles for $430 million.
The new owner is USBT Property Owner LP.
Located at 633 W. 5th Street, Maguire Gardens at 700 W. Fifth Street and Westlawn Garage at 524 Flower Street, the class A office property was completed in 1989, totaling 72 floors of office accommodation and six levels of underground parking.
Beringia Central acquired it in 2013 for $367.5 million and the property underwent a series of asset enhancement works, including the launch of OUE Skyspace LA, an open-air observation deck. In connection with the disposal, the group also intends to sell its leasehold interest in OUE Skyspace LA.
