Upgrades to the 73-story tower will be focused on common areas, including its main entrance and lobby, will add a juice and cocktail bar, a grab-and-go market, and seating areas. Plans also call for a new tenant amenity space on the building's 54th floor, which will incorporate food and beverage venues and event space, as well as outdoor decks on several levels.
Construction of the proposed improvements is slated to begin in Summer 2021 and be completed by the end of 2022.
“I love Los Angeles,” said Silverstein Properties vice chairman Lisa H. Silverstein in a prepared statement. “This city is a global destination that continues to attract some of the country’s leading businesses. I also believe in the future of Downtown LA as a major creative and business hub. I have no doubt that once the pandemic is behind us, we will see the return of dynamic job growth, millennial and Gen Z population growth and residential migration into Downtown.”
Jeffrey Beers International and architecture firm A + I are leading the design efforts for the project.
One notable addition to the property by prior owner OUE, Ltd. will not be returning: Skyspace LA. The Los Angeles Times reports that the 70th floor observation deck, including a glass slide that was delivered via helicopter, will also be converted back to office space.
71Above, a restaurant named for its location on the 71st floor of the building, will remain in operation, according to the Times. Restaurant space on the lower floors of the building previously occupied by a Chinese restaurant will be transformed into the fast-casual eatery Market Creations by Labor Day.
New York-based Silverstein Properties, best known as the developer of the World Trade Center complex, acquired the U.S. Bank Tower last year for $430 million - a 34 percent discount from what the building was valued at prior to the onset of the COVID-19 pandemic. According to the Times, the 1.4-million-square-foot tower is currently 78 percent leased.
The U.S. Bank Tower, previously known as the First World Interstate Center and Library Tower, was completed in 1989 by Maguire Thomas Partners. At 1,018 feet in height, it ranked as the tallest building in Los Angeles until the completion of the Wilshire Grand in 2017.
- Downtown (Urbanize LA)