KBS has sold Union Bank Plaza, a 675,945-square-foot, class A mixed-use property located in downtown Los Angeles.
The buyer, Waterbridge Capital, purchased the asset for $104 million. In addition, the buyer assumed approximately $6 million in committed capital obligations to existing tenants. Union Bank Plaza was owned by KBS Real Estate Investment Trust II.
“Union Bank Plaza was the final building in REIT II, a fund which we are in the process of liquidating,” said Giovanni Cordoves, western regional president for KBS. “The property represents an opportunity for the buyer to be part of an eventual post-pandemic recovery in downtown Los Angeles. Given our recent renovations at Union Bank Plaza, the building is well positioned to attract new tenants with its indoor/outdoor workspaces and other amenities today’s