DTLA’s Union Bank Plaza hits market again

KBS Real Estate, which is liquidating its assets, is eyeing $250M

Los Angeles /
Aug.August 09, 2021 08:36 AM
KBS Real Estate CEO Charles J. Schreiber Jr. (KBS)
KBS Real Estate CEO Charles J. Schreiber Jr. (KBS)

The iconic Union Bank Plaza in Downtown Los Angeles has hit the market — four years after a planned sale of the office tower fizzled out.

This time around, owner KBS Real Estate, which is in the process of liquidating its assets, is eyeing $250 million for the 700,000-square-foot property, according to the Los Angeles Business Journal.

The 40-story tower at 445 S. Figueroa Street includes almost 25,000 square feet of retail space.

KBS tried to sell the building in 2017, but RC Acquisitions backed out of the $280 million purchase.

The tower is undergoing a $64.8 million renovation, with upgrades slated for the lobby, courtyard, conference center as well as to retail and tenant spaces.

MUFG Union Bank occupies around 30 percent of the tower and signed a 15-year lease renewal last year. There are only four other office buildings in Downtown L.A. that can offer a tenant more than 100,000 square feet of space, according to the report.

There have been no large office investment sales this year. In July 2020, Silverstein Properties bought US Bank Tower at 633 West Fifth Street for $430 million from OUE Limited.

[LABJ] — Isabella Farr


Related Articles

arrow_forward_ios
Renderings of The Star
The Star, a $500M office tower project, looks to light up Hollywood
The Star, a $500M office tower project, looks to light up Hollywood
Clockwise from top left: Kilroy Realty CEO John Kilroy, Boston Properties CEO Owen Thomas, TMG Partners CEO Michael Covarrubius and Eastdil Secured CEO Michael Van Konynenburg (Kilroy, LinkedIn via Thomas, TMG Partners, LinkedIn via Van Konynenburg, Getty)
“We gotta get people back to the office”: West Coast landlord execs press for return
“We gotta get people back to the office”: West Coast landlord execs press for return
Activision CEO Bobby Kotick and Pen Factory (Getty, Pen Factory)
“Tony Hawk’s Pro Skater” creator inks new HQ in Santa Monica
“Tony Hawk’s Pro Skater” creator inks new HQ in Santa Monica
5250 Lankershim Boulevard and DivcoWest CEO Stuart Shiff (GPI Companies, DivcoWest)
DivcoWest JV pays $92M for Arts District office complex
DivcoWest JV pays $92M for Arts District office complex
Mark and Arman Gabay with the Pasadena office (CBRE)
Buyer revealed: Gabay brothers pick up Pasadena office portfolio for $80M
Buyer revealed: Gabay brothers pick up Pasadena office portfolio for $80M
WeWork looks to fill 350K sf of vacant LA office space
WeWork marketing 350K sf of LA office space
WeWork marketing 350K sf of LA office space
Steaven Jones Development and Creative Office Properties CEO Lawry Meister, SJDC Chairman Steaven K. Jones, Acore Capital’s Anthony Marconi with INclave (SJDC, Acore, INclave)
Developers nab $63M refi on Marina Del Rey live-work complex
Developers nab $63M refi on Marina Del Rey live-work complex
AECOM to move corporate HQ out of LA
AECOM shifts corporate HQ from LA to Dallas
AECOM shifts corporate HQ from LA to Dallas
arrow_forward_ios

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

Loading...