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Report: Singapore's OUE targets US$700M in Los Angeles tower sale

Singapore-based OUE Ltd. is seeking bids close to about US$700 million for the U.S. Bank Tower at 633 W. 5th St. in Downtown Los Angeles, The Real Deal reported, citing unnamed sources familiar with the listing.

The U.S. Bank Tower, the third-largest building in California, covers 1.4 million square feet of office space across 72 stories. An industry source familiar with the listing said OUE will lease back the Skyspace observation deck at the 70th floor of the property, the report added.

Citing property records, the publication said OUE purchased the property in 2013 for US$367.5 million and forked out US$50 million on renovations thereafter.

The building is home to a number of prominent tenants such as law firms Gordon & Rees, Hinshaw & Culbertson, and Lewis Brisbois, and global insurance firm Marsh & McLennan.

The publication could not obtain a comment from an OUE representative regarding the matter.