Union Bank Plaza trades hands for $280M

The buyer is an affiliate of Pacific Reach Properties

September 18, 2017 11:00 AM
Union Bank Plaza (Credit: KBS)

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

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