{"id":1004731414,"date":"2024-10-02T21:19:57","date_gmt":"2024-10-03T05:19:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004731414"},"modified":"2024-10-03T05:46:07","modified_gmt":"2024-10-03T13:46:07","slug":"downtown-la-office-tower-trades-for-80m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-la-office-tower-trades-for-80m\/","title":{"rendered":"Downtown LA Office Tower Trades for $80M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/445-S-Fig-image-e1727879328275.png\"><img loading=\"lazy\" decoding=\"async\" width=\"3330\" height=\"2497\" data-attachment-id=\"1004731423\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-la-office-tower-trades-for-80m\/445-s-fig-image\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/445-S-Fig-image-e1727879328275.png\" data-orig-size=\"3330,2497\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"445 S Fig image\" data-image-description=\"&lt;p&gt;Union Bank Plaza&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Union Bank Plaza. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/445-S-Fig-image-e1727879328275.png?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/445-S-Fig-image-e1727879328275.png\" alt=\"Union Bank Plaza is a 40-story office tower in downtown Los Angeles that sold for $80 million.\" class=\"wp-image-1004731423\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Union Bank Plaza is a recently upgraded office asset built in 1967. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Waterbridge Capital has sold Union Bank Plaza, a 701,888-square-foot office tower in Los Angeles. The property traded for $80 million.<\/p>\n\n\n\n<p>The buyer, Southwest Carpenters Pension Trust, acquired the Class A asset through Washington Capital Management. The ownership intends to occupy a part of the building and lease the remaining space.<\/p>\n\n\n\n<p>Newmark negotiated on behalf of the seller and also advised Washington Capital Management.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/investors-seeking-office-bargains-are-finding-them\/\">Investors Find Office Bargains<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The 40-story office building previously traded last year, when <a href=\"https:\/\/www.commercialsearch.com\/news\/waterbridge-capital-pays-104m-for-la-office-tower\/\">Waterbridge purchased it for $104 million<\/a> from KBS, in a deal also facilitated by Newmark. At the time, the company received a large lease termination payout from Union Bank, after the tenant merged with U.S. Bank and relocated to U.S. Bank Tower.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-high-rise-in-downtown-la\">A high-rise in downtown LA<\/h2>\n\n\n\n<p>Completed in 1967, when it became home to its anchor tenant Union Bank, the property features a retail plaza totaling 27,157 square feet and a parking ratio of 1.5 spaces per 1,000 square feet.<\/p>\n\n\n\n<p>Union Bank Plaza went through a $65 million renovation program completed in 2021. The tower now features a redesigned lobby, an upgraded conference center that can accommodate up to 60 people and a renovated outdoor plaza that includes work spaces, fire pits and multiple seating areas. Additionally, the iconic building features six on-site eateries, coffee bars as well as dry cleaning, valet and carwash services.<\/p>\n\n\n\n<p>Union Bank Plaza\u2019s tenant roster includes ZWP International, Mitsubishi UFJ Financial Group and Raftelis, among others, according to CommercialEdge data.<\/p>\n\n\n\n<p>Located at 445 S. Figueroa St., in the city&#8217;s central business district, Union Bank Plaza spans a full city block and has access to interstates 10 and 110. Los Angeles International Airport is 21 miles away.<\/p>\n\n\n\n<p>The Newmark team included Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairs Ken White, Rob Hannan, Laura Stumm and Michael Moll, Co-President of Global Debt &amp; Structured Finance Jonathan Firestone, Executive Managing Director Bill Bloodgood, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pricy-office-deals-boost-los-angeles-investment-volume\">Pricy office deals boost Los Angeles investment volume<\/h2>\n\n\n\n<p>Metro Los Angeles led the nation for sale prices as of August, with office assets sold at an average of $437 per square foot, a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/expanding-office-to-housing-conversion-potential\/\" target=\"_blank\" rel=\"noreferrer noopener\">CommercialEdge report<\/a> shows. The metro&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\" target=\"_blank\" rel=\"noreferrer noopener\">office sales volume<\/a> reached $828 million, placing Los Angeles sixth among the best performing markets in the U.S. The vacancy rate clocked in at 16.7 percent, up 100 basis points over a 12-month period.<\/p>\n\n\n\n<p>One of the metro&#8217;s recent deals was <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-sells-beverly-hills-office-for-118m\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fashion Nova\u2019s $118 million acquisition<\/a> of a 175,000-square-foot office building in Beverly Hills, Calif. The company is moving its global headquarters at the property that was sold by Tishman Speyer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property sold at a lower price than when it traded last year.<\/p>\n","protected":false},"author":2991,"featured_media":1004731423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[50999,33953,52493],"class_list":["post-1004731414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-newmark","tag-washington-capital-management","tag-waterbridge-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Downtown LA Office Tower Trades for $80M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Waterbridge Capital sold Union Bank Plaza, a 40-story office tower in downtown Los Angeles. 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