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Union Bank Plaza in DTLA Trading for $280M
RC Acquisitions, an affiliate of Vancouver, Canada-based Pacific Reach Properties, is reportedly buying Union Bank Plaza in DTLA from Newport Beach, CA-based KBS Real Estate Investment Trust II for $280 million. The 40-story office tower at 445 S. Figueroa St. encompasses roughly 627,000 square feet of space, including a two-level retail center, a two-acre landscaped outdoor plaza and a four-level parking structure.
The building is 82% occupied, primarily by Union Bank, which leases 375,000 square feet. KBS REIT II had acquired the asset from Hines for $208 million.
The property represented roughly 13.2% of KBS REIT II’s assets, and accounted for 17.8% of the total revenue for the six months ending on June 30, 2017.
Last month, Pacific Reach Properties acquired Sherman Plaza, a 99%-leased asset in Van Nuys for $61.9 million. It was its first U.S. office complex purchase.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




