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KBS Closes on $208M Union Bank Plaza Buy

LOS ANGELES-When seller Hines first acquired the 627,334-square-foot office building in 2005, it represented one of the largest investments made in the company’s US Office Value Added Fund.

By Natalie Dolce | Updated on September 17, 2010

LOS ANGELES-Newport Beach, CA-based KBS Real Estate Investment Trust II has acquired Union Bank Plaza, a landmark 627,334-square-foot office tower and retail complex in downtown Los Angeles. The acquisition price was $208 million, or $331.56 per square foot.  

The transaction increases the commercial real estate acquired by KBS-affiliated companies in 2010 to 4.4 million square feet. In addition to Los Angeles KBS has acquired signature office properties this year in Chicago, Dallas, St. Louis, San Diego, Portland, OR, and Herndon, VA, near Washington, D.C.

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