Singapore's Overseas Union Enterprise Buys L.A.'s US Bank Tower In $367.5 Million Deal

By Angelo Young | March 11 2013 4:40 PM

As part of its strategy to expand its portfolio of commercial real estate holdings, Overseas Union Enterprise (OUE) Limited (SGX:LJ3), a Singapore-based diversified real estate owner and operator, announced Monday that it’s buying the 72-floor U.S. Bank Tower and related properties in the heart of the downtown financial district of Los Angeles for $367.5 million.

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Completed in 1989, the iconic building is also known as Library Tower. The building was mentioned as a possible Al-Qaeda target, according to the 9/11 Commission.

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Completed in 1989, the building is the 10th tallest in the U.S. Current tenants include international law firm Akin Gump Strauss Hauer & Feld LLP, U.S. Bancorp (NYSE:USB) and commercial law litigation services provider Cornerstone Research Inc. OUE’s wholly owned U.S. subsidiary Beringia Central LLC is acquiring the properties from Library Square Associates, LLC, a subsidiary of MPG Office Trust Inc. (NYSE:MPG), the largest owner of high-end office properties in L.A.’s business district.

The acquisition includes the adjoining Maquire Gardens, a 2.3 acre park at the west entrance of the city’s Central Library, and a nearby parking garage.

OUE, which has most of its holdings in Singapore, as well as properties in Malaysia and China, has been seeking to diversify into U.S.-based holdings in major cities, including New York and San Francisco, according to the Wall Street Journal.

Among the company’s current holdings include five 5-star hotels in Singapore, Malaysia and China operated by Meritus Hotels & Resorts and the Mandarin Gallery, a 196,000 square-foot mall on Singapore’s Orchard Rd.