The US Bank Tower is undergoing a $50-million renovation that will include a tourist observation deck that is expected to drive economy in downtown L.A. According to LA Times, the building, which is the tallest skyscraper in the West, is going to have an outdoor observation deck, bar and restaurant on its top floors.
The 72-story building, which fell on hard times before it was sold in 2013, is now owned by Singapore-based Overseas Union Enterprises Ltd. The owners are turning the building into a major tourist attraction next year, LA Biz reports.
Currently, it faces fresh competition from recently renovated historic buildings that are popular with young Internet companies and other creative businesses, according to LA Times. To further boost profit from the building, QUE aims to charge for tourist admission.
The rooftop complex, which will be known as Skyspace L.A., will be one of the very few high-altitude visitor venues in the country, according to the report. It will be operated by the firm that runs the observatory at the new One World Trade Center building in New York.
The restaurant on the 71st floor, which is set to open in the first quarter of next year, will be called 71Above and will be under the supervision of Los Angeles chef Vartan Abgaryan who is currently the executive chef at Cliff's Edge restaurant in Silver Lake.
The 72nd floor will continue to be leased to office tenants while the observation decks, together with the function rooms for special events including weddings, will be on floors 69 and 70, reports LA Times. The company plans to open the observation deck by the middle of next year and keep it open daily from 9 a.m. to midnight.
According to the report, admission will cost $25 which is mid-range compared to the entrance fee of Willis Tower in Chicago that costs $19.50 and $45 for "fast pass," and $32 for a standard admission to One World Trade Center in New York or $54 if "VIP expedited." The US Bank Tower offers visitors a view of Glendale, San Fernando Valley and Santa Catalina Island.
"I am sure that we are the only destination that will offer 360-degree views of L.A.," said Lucy Rumantir, chief operating officer of OUE in the Americas as quoted in the report.
The renovation, along with the 360-degree view of mountains, sea and the city aims to bring back interests from prospective tenants of the building and even the other towers in the area which face stiff competition from "creative" office spaces popularized by fast-growing tech and entertainment firms.
The recession also negatively impacted the U.S. Bank Tower, as its previous owners MPG Office Trust Inc. lost some of its competitive edge. The demand for rental spaces shrank during recession that led to budget constraint to maintain the property and build out offices for prospective tenants, the report said. Currently, with the fresh capital from its new owner, the building is now more than 80 percent leased.
