Namco Capital Group owns and operates about 10 million square feet of commercial and residential property in Southern California. It bought the Los Angeles Marriott Downtown hotel this year.
Also investing in the project is Africa-Israel Investments Ltd., a publicly traded development company based in Israel. The company says it has more than $4 billion of real estate investment in the United States, but this is its first L.A. venture.
Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.
A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said that the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."