DTLA’s Union Bank Plaza hits market again

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

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.

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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