KBS REIT II to sell L.A. office building for $280m
KBS REIT II Inc. has plans to sell its Union Bank Plaza office building in Los Angeles to Pacific Reach Properties for $280 million.
KBS REIT II purchased the 40-story office building in September 2010 for $208 million from international real estate firm Hines’ U.S. Office Value Added Fund.
The property is located at 445 South Figueroa St. in Los Angeles on approximately 3.7 acres of land. It consists of a 607,517-square-foot office tower; a two-level, 19,817-square-foot retail plaza; and a 914-space, four-level parking structure.
As of June 30, 2017, Union Bank Plaza represented approximately 13.2 percent of the company’s assets and 17.8 percent of the company’s total revenues for the six months ended June 30, 2017.
Los Angeles office market dynamics were generally positive during the second quarter 2017, according to CBRE.
Net absorption totaled positive 435,469 square feet during the second quarter 2017 after a negative 585,965 square feet