HINES HIRED BY OVERSEAS UNION ENTERPRISE TO MANAGE U.S. BANK TOWER IN LOS ANGELES
The Los Angeles office of Hines, the international real estate firm, announced today that it has been retained by Beringia Central LLC, an indirect wholly owned subsidiary company of Overseas Union Enterprise Limited (OUE), a public company listed on the Singapore Stock exchange (SGX-ST: “OUE”),as property manager for U.S. Bank Tower located 633 W. Fifth Street in downtown Los Angeles. At 73 stories and 1,018 feet, it is the tallest building in the Western United States.
“Historically, U.S. Bank Tower has been a strong performer and for decades has stood as a symbol of the City of Los Angeles; we are privileged to be selected by a world-class owner like OUE to manage such an iconic project,” said Hines Managing Director Doug Metzler.
Hines Vice President-Property Management Brian Plymell added, “Hines’ property and engineering management team is very enthusiastic to work with OUE to return this asset to its proper place in the Downtown Los Angeles office market.”
U.S. Bank Tower was designed by Pei Cobb Freed & Partners, and was completed in 1989. The 1,431,808-square-foot Class A tower is leased to a prestigious tenant roster including: U.S. Bank; Barger & Wolen LLP; and White & Case LLP. Hines’ Leia Jensen will serve as the on-site general property manager.
Hines entered the Southern California real estate market in Los Angeles in 1987 and, including this recent assignment, has developed, owned and managed more than 19 million square feet there, nearly half of which is for third parties.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visitwww.hines.com for more information.