KBS Real Estate Investment Trust II is planning a major overhaul of the Union Bank Plaza building in Downtown Los Angeles. The owner plans to invest $20 million into the property to modernize and update facilities and amenities and launch a spec suit program at the property. The property is currently an icon. At 701,888 square feet, it features a two-level retail center; a two-acre landscaped outdoor plaza; and a four-level parking structure in the core of DTLA.

“Downtown Los Angeles is in the midst of a renaissance, attracting a variety of blue-chip companies from across the globe,” Tim Helgeson, SVP and asset manager at KBS, tells GlobeSt.com. “These office tenants demand exceptionally high-quality workspaces, which are integral in attracting and retaining top talent.”

The impetus to reposition the property is to stay ahead of the curve on a rapidly changing real estate market. This cycle, many owners have made significant capital investments in existing well-performing properties to maintain a competitive edge. “Union Bank Plaza is already a cornerstone asset in the downtown L.A. market. As one of the largest owners of commercial property in the nation, KBS's point of difference is the quality of our ownership,” says Helgeson. “This means that every KBS asset is held to a higher standard.”

The renovation plans currently include a reimagined two-story retail level, high-level finishes in the property's conference center, a spacious, modern outdoor seating area with fire pits, and a best-in-class lobby. “Though Union Bank Plaza is already a class-A asset and an integral part of the downtown Los Angeles skyline, we recognized the opportunity to elevate this trophy asset to a new level with this repositioning,” says Helgeson. “In doing so, we are deepening the property's live/work/play environment, resulting in a tremendous upgrade in work lifestyle for our tenants and their employees.”

These renovations build on the existing amenities at the property, according to Helgeson. These amenities include a two-acre outdoor plaza, convenient parking, bike storage and electric car charging stations. “Our vision is to build on this iconic property's existing suite of amenities and transform it into a thriving, vibrant destination, making it the office building of choice for DTLA companies,” he says.

The first round of demolition will begin this month. Swinerton Builders will lead construction efforts and HLW International is handling design.