MPG Office Trust Announces Deal to Sell US Bank Tower in LA

MPG Office Trust, Inc. (NYSE: MPG) has entered into an agreement with an affiliate of Overseas Union Enterprise Limited (Singapore Stock Exchange: OUE) to sell U.S. Bank Tower and Westlawn Garage, each located in Downtown Los Angeles, California. The purchase price is $367.5 million. The transaction is scheduled to close on June 28, 2013, following the expiration of the tax protection period on June 27, 2013. The buyer has made a non-refundable deposit in the amount of $7.5 million. The transaction is subject to customary closing conditions. Net proceeds from the transaction are estimated to be approximately $103 million and will be available for general corporate purposes, including potential loan rebalancing in connection with the refinancing of the Company's upcoming 2013 debt maturities.