The U.S. Bank Tower in Los Angeles is being sold the generically-named USBT Property Owner LP for a staggering $430 million in a deal that’s expected to close in September. The iconic building rises 72 storeys above West 5th St in downtown Los Angeles, having been built in 1989. The vendor is Berinia Central, a subsidiary of OUE Limited, which bought the asset in 2013 for an estimated $367.5 million before undertaking a program of improvements. These included the launch of OUE Skyspace. OUE wasn’t satisfied with the pricing on the deal, but decided that cashing in was in the best interest of it shareholders. The move will obviously improve the company’s cash position as well as its ability to leverage new acquisitions, which could come in handy during a period of such uncertainty.
