KBS Realty Advisors, through its KBS REIT II subsidiary, has an agreement to sell the 40-story Union Bank Plaza in downtown Los Angeles to Waterbridge Capital for $155M.
The sale price is nearly $50M less than the $208M KBS paid to acquire the landmark tower from Hines in 2020.
In announcing the sales agreement with Waterbridge Capital, KBS REIT took the unusual step of stating "there can be no assurance that the Company will complete the sale," a reference to a May announcement by KBS that it had an agreement to sell the property to Harbor Associates for $165M, a deal that Harbor withdrew from in June.
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