OUE sells Los Angeles tower at below market value as pandemic hits tenants
Sale price is about two-thirds of the property's US$650 million fair value as at Dec 31, 2019
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Fiona Lam
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Singapore
PROPERTY developer OUE Ltd on Friday announced that it will sell US Bank Tower - known for its cameos in Hollywood movies and a sky-high outdoor glass slide - for US$430 million.
The sale price is about two-thirds of the property's US$650 million fair value as at Dec 31, 2019. The price was arrived at after taking into account, among other things, the property's market value and the current US property market conditions amid the Covid-19 pandemic.
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