September 16, 2020
New York-based Silverstein Properties completed the $430-million acquisition of U.S. Bank Tower, a 1.4-million-square-foot trophy office building in Downtown Los Angeles. The Manhattan commercial real estate firm bought the 72-story property from Singapore’s OUE Ltd.
Silverstein Properties’ Larry A. Silverstein says, “I am thrilled to add this outstanding property to our portfolio. I believe in the future of Downtown Los Angeles.”
The LEED Gold-certified tower was designed by Pei Cobb Freed & Partners and built by Maguire Properties in 1989. Since 2013, the property has undergone a $60 million capital improvement program, including lobby renovation, tenant amenities, and infrastructure modernization. Silverstein plans to invest in additional improvements to provide tenants a creative office campus in a vertical urban environment.
Located near the Pershing Square Metro station at 633 W. 5th St., the property is the second tallest tower in L.A. at 1,018 feet and stands as one of the most prominent buildings on the city skyline.
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