Silverstein Completes $60M Revamp of LA Skyscraper
Upgrading the 72-story US Bank Tower took nearly two years.
Silverstein Properties has completed a $60 million renovation plan at U.S. Bank Tower in downtown Los Angeles. The implementation of the capital improvement strategy of the 72-story skyscraper began in May 2021, an initiative in line with the ongoing flight-to-quality trend.
The landlord partnered with design firm Jeffrey Beers and architects A + I for the project, while JLL is the appointed leasing agent for the property. Silverstein purchased the 1.4 million-square-foot office building in 2020 in the largest single-building transaction of the year in the metro. The deal amounted to $430 million.
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U.S Bank Tower’s major improvements include a redesigned main lobby, an upgraded main entrance, a new cocktail bar and fine dining options, contactless passenger elevators, new collaboration spaces and The Vista, a new amenity space on the property’s 54th floor. The 15,000-square-foot area features flexible work and conferencing spaces, lounge and events capabilities, along with food and beverage options.
Meeting evolving needs, attracting users
New tenants at the property include Lincoln International, which signed a 27,117-square-foot long-term expansion and Rothschild & Co., occupying 8,544 square feet. Skanska, Frazier Capital and Los Angeles Police Foundation are also part of the roster, CommercialEdge data shows.
JLL Executive Vice President James Malone, Managing Directors Jaclyn Ward and Peter Hajimihalis, together with Silverstein’s Executive Vice President Jeremy Moss and Vice President Harlan Strader III, are in charge of leasing the remaining available space at the office building.
Earlier in March, Fox Corp. announced its plans to modernize and expand the Fox Studio Lot production campus in Century City. The 1.6 million-square-foot property will get a $1.5 billion makeover that will include increasing the production infrastructure and the addition of a 24-story office tower.