Newport Beach-based KBS Realty is looking for a steep profit on a major Downtown Los Angeles holding: Union Bank Plaza.
The 40-story, 627,000-square-foot office building at 445 S. Figueroa Street in the Financial District has been listed with Cushman & Wakefield, REAlert reported. Bids for the building, constructed in 1967, are expected to reach up to $315 million, or more than $500 a square foot.
KBS bought it in 2010 for $208 million, or $332 a square foot, from Hines.
The tower is 85 percent occupied, with a tenant roster that includes Union Bank — which takes more than half the space — and a host of law and financial services firms.
In addition to the office tower, the offering includes a roughly 20,000-square-foot retail building and a 1.8-acre developable parcel, according to REAlert. The parcel is being pitched as a potential site for a hotel or apartment building. [REAlert] — Hannah Miet