Singapore Co. Pays $367M To Snap Up US Bank Tower

Law360, New York (March 11, 2013, 1:55 PM EDT) -- Overseas Union Enterprise Ltd., a Singapore-based real estate manager, is picking up the iconic U.S. Bank Tower in Los Angeles and a park-topped garage from a MPG Office Trust Inc. unit for $367 million, with the intent to turn around the almost half-empty office property, it announced Monday.

Per the deal, OUE will grab up the 72-story tower, as well as Maguire Gardens and an underground parking garage. The company said the acquisition is expected to significantly bolster its commercial real estate portfolio and that it...
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