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US Bank Tower Sold To New York Real Estate Developer For $430 Million

LOS ANGELES (CBSLA) — The U.S. Bank Tower in downtown Los Angeles has been sold to New York-based real estate developer Silverstein Properties.

The US Bank Tower, formerly known as the
Los Angeles, UNITED STATES: The US Bank Tower, formerly known as the Library Tower, is shown behind the central Los Angeles Library in downtown Los Angeles, 09 February 2006. President George W. Bush said 09 February that the U.S-led global war on terror, with multinational cooperation, foiled purported terrorist plans to fly a commercial airplane into the tower. AFP PHOTO / Robyn Beck (Photo credit should read ROBYN BECK/AFP via Getty Images)

The 14-million-square-foot building at 633 West Fifth Street, previously known as the Library Tower, was sold by Singapore real estate company OUE Ltd. For $430 million. The skyscraper opened in 1989 and is the second-tallest tower in Los Angeles at 1,018 feet. Its tenants include U.S. Bank, Lewis Brisbois Bisgaard & Smith LLP, Thompson Reuters, and Marsh USA.

"I am thrilled to add this outstanding property to our portfolio," Larry A. Silverstein, chairman of Silverstein Properties, said in a statement. "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."

The developer says it plans to invest in a capital improvement program to provide tenants with "a creative office campus in a vertical urban environment." The improvements will include designing new amenity spaces and common areas, new destination dispatch elevators and a new hospitality-focused app.

Silverstein Properties also recently purchased 1735 Market Street in Philadelphia and opened 3 World Trade Center in New York.

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