(Jan 25): The US Bank Tower in downtown Los Angeles, known for its cameos in Hollywood movies and a sky-high outdoor glass slide, has been put up for sale.

Singapore property developer OUE, backed by the Riady family, has started marketing the building after enhancement work, the company said in a statement on Friday.

The prominent Indonesian family bought the iconic building for US$367.5 million ($497 million) through an OUE unit in 2013, when the tower was at the time the tallest west of the Mississippi.

<hr/><a href="https://www.theedgesingapore.com/article/singapore-firms-buy-new-york-tokyo-curbs-bite" target="_blank">See: Singapore firms buy New York to Tokyo as curbs bite</a><hr/>

US Bank Tower could draw more than US$700 million, based on recent downtown transactions, the Los Angeles Times reported. OUE didn’t state how much it was looking for the building.

In November, an investigation into troubled Indonesian property developer PT Lippo Karawaci, also controlled by the Riadys, reverberated in the Singapore bond market. Singapore dollar-denominated notes issued by OUE and others linked to the family dropped as a liquidity crunch prompted concern the group is using other entities to help shore up finances.

<hr/><a href="https://www.theedgesingapore.com/arrests-leave-one-southeast-asias-biggest-projects-limbo" target="_blank">See: Arrests leave one of Southeast Asia's biggest projects in limbo</a><hr/>

The stock has fallen 9.8% in the past six months, compared with a 3.7% decline in the Singapore benchmark Straits Times Index.

Work done by OUE at the US Bank Tower include an open-air observation deck with a 360-degree view from Hollywood Hills to the Pacific Ocean and an outdoor glass slide 1,000 feet above ground, according to the company. The building was blown up in the 1996 movie “Independence Day” and has been seen in numerous films.

<ul><li><a href="https://www.theedgesingapore.com/news/results/oue-reports-fy2019-earnings-2552-million" target="_blank">OUE reports FY2019 earnings of $255.2 million</a></li><li><a href="https://www.theedgesingapore.com/capital/investing-ideas/oue-commercial-reit-draw-investor-interest-stable-portfolio-potential-index" target="_blank">OUE Commercial REIT to draw investor interest on stable portfolio, potential index inclusion: analysts</a></li><li><a data-jsx="2507428981" href="https://www.edgeprop.sg/property-news/deferred-losses-recent-sellers-oue-twin-peaks" target="_blank">Deferred losses for recent sellers at OUE Twin Peaks</a></li></ul>

US Bank Tower in Los Angeles put up for sale by OUE

VTAC proposes business combination with live streaming platform 17LIVE

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Trade Stocks, ETFs, Forex and Futures with Phillip Nova:

US Bank Tower in Los Angeles put up for sale by OUE

Related News

Highlights

VTAC proposes business combination with live streaming platform 17LIVE

Related News

OUE resumes share buybacks; Wing Tai chairman's wife actively buying

OUE reports higher revenue for 1HFY2023 but higher costs and lower fair value weigh down bottomline

Proxies to an ageing Asia