LOS ANGELES (AP) — The US Bank Tower in downtown Los Angeles, the tallest building in California, is being sold to investors in Singapore for $367 million.
The Los Angeles Times reports Tuesday that the 72-story building is being bought by developer Overseas Union Enterprise. The landmark was owned by MPG Office Trust Inc., which has struggled with debt and an anemic office market since the recession. Only about 60 percent of the building is leased.
The cylindrical building was designed by the firm of architect I.M. Pei and completed in 1989. It was previously named Library Tower and also First Interstate World Center.
The sale is expected to bring MPG a profit of more than $100 million.