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The Real Deal Los Angeles

Will KBS get $500 psf for DTLA’s Union Bank Plaza?

Bids for 627K sf skyscraper and surrounding assets are expected to reach $315M
March 01, 2017 05:30PM

Union Bank Plaza (via KBS)

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