[Jordan de California]

Originally Posted by caligrad

So the US Bank tower has been sold to those who i guess built and own the Freedom tower?

Yep. To a company associated with Silverstein Properties. And at a massive discount, but perhaps still nominally profitable for OUE. Depends on how much they invested in the tower's renovations.

Singapore-based OUE Limited announced it will sell the U.S. Bank Tower in Downtown Los Angeles for $430 million, a 31 percent discount from the building’s $650 million valuation as recorded in the firm’s 2019 year-end report. The buyer is USBT Property Owner LP, which is tied to New York City-based Silverstein Properties, filing records show. The deal is set to close in September.

The price was reached “after taking into account, among other things, the market value of the property and the current U.S. property market conditions in the relevant sectors amid the COVID-19 pandemic,” according to a filing released by OUE Limited today.

“Due to the measures implemented by state governments in the U.S. in response to the COVID-19 pandemic, the tenants in the property have reduced, or temporarily closed down, their operations, and the rental income from the property has been correspondingly affected.”

OUE Limited acquired the U.S. Bank Tower at 633 West Fifth Street, between Fourth and Fifth Streets, for $367.5 million in June 2013, according to property records.

https://commercialobserver.com/2020/...s-office-sale/