Southwest Carpenters Pension Trust, facilitated by Newmark and Washington Capital Management, has purchased the iconic 40-story mixed-use development known as Union Bank Plaza for $80 million. Situated at 445 South Figueroa Street in DTLA, the property boasts almost 675,000 square feet in office space and 27,000 square feet of street-level retail space. This puts the price at about $114 per square foot.
This 2024 sale marks the second time in just two and a half years that Union Bank Plaza changed hands. Newmark brokered a $110.5 million sale in March 2022 from the previous owner, KBS, with the basis drastically reduced as a result of the substantial lease termination payout from Union Bank after a merger with US Bank. KBS originally purchased the property for $208 million in 2010.
The Class A property sits on 3.6 acres close to both the 110 and several LA Metro hubs, spanning an entire city block, making it the largest single-tower campus in DTLA. This convenience, coupled with signage opportunities visible to over 300,000 vehicles daily, have made Union Bank Plaza a desirable location for commercial tenants.
Union Bank Plaza underwent extensive renovations in 2021 on the heels of a thorough capital improvement plan that included lavish landscaping to create a real jungle amid the concrete jungle, building upgrades, lobby renovations, amenities such as a state-of-the-art fitness center, and a new conference facility with major technological upgrades. These extensive renovations and upgrades carried a $65 million pricetag, per Newmark.
While the property is still known as Union Bank Plaza and the owners retained the naming rights, the actual Union Bank & Trust Company no longer occupies it. Current tenants include MUFG Bank (Mitsubishi Financial Group) and several law firms, with local franchise Asian Box, regional franchise La Salsa, and national chain Jimmy John’s located in the retail level.
The future of the plaza’s name is now uncertain. While a new official name may no longer be Union Bank Plaza, Angelenos will likely still refer to it as such given that the Crypto.com arena is still referred to as the Staples Center.
Press release credit: Commercial Property Executive
