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 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.