Union Bank Plaza trades hands for $280M

The buyer is an affiliate of Pacific Reach Properties

Los Angeles /
Sep.September 18, 2017 11:00 AM

Canada-based RC Acquisitions, an affiliate of Pacific Reach Properties, purchased Union Bank Plaza at 445 S. Figueroa St. in Downtown Los Angeles for $280 million, the Los Angeles Business Journal reported. That’s roughly $447 per square foot.

KBS Real Estate Investment II sold the 40-story property, which represented about 13 percent of the company’s assets.

The building has roughly 627,000 square feet of commercial space. It is 82 percent occupied, largely led by Union Bank’s 375,000-square-foot lease, according to Real Capital Analytics.

KBS REIT II previously purchased the site from Hines for $208 million, property records show.

The company first made its splash into the Downtown with its $43 million purchase of National City Tower. [LABJ]Natalie Hoberman


Related Articles

arrow_forward_ios
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari
Industrious partners with landlords to offer tenants satellite workplaces
Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Northwestern Mutual picks up Santa Monica office campus for $166M
Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)
Prop 15 property tax measure draws millions of dollars from for and against campaigns
Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)
California allows barbershops to reopen, but LA holds back
California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang
LA County properties valued at nearly $2 trillion…before pandemic
LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)
LA County select reopening target date for restaurants and retailers
LA County select reopening target date for restaurants and retailers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...