U.S. Bank Tower Sale Is CompletedTuesday, June 18, 2013
MPG Office Trust, Inc. said late Tuesday that it had completed the sale of what was once one of its crown jewels, downtown L.A.’s U.S. Bank Tower.
The struggling Los Angeles real estate investment trust sold the tallest building west of the Mississippi River for $368 million to Beringia Central LLC, an indirect wholly owned subsidiary of Overseas Union Enterprise Ltd. The deal includes an adjacent parking garage.
After paying off debt and other costs, net proceeds were about $103 million and will be used corporate purposes, MPG said.
Overseas Union Enterprise is a Singapore real estate company better known for its holdings in Singapore, Malaysia and the People’s Republic of China.
MPG shares on Tuesday were unchanged at $3.11 on the New York Stock Exchange.