Zietsman tells GlobeSt.com that the property has alreadygenerated very strong interest from prospective buyers, includingquite a few overseas investors. Close to 50 groups have alreadyreturned the confidentiality agreement asking for more informationabout the property, he notes.

Zietsman describes the Union Bank Plaza, which is at 445 S.Figueroa St., as a "core to core-plus" opportunity for prospectivebuyers. He explains that in addition to upside from raising rentswhen leases roll over, the property offers the potential fordevelopment of approximately 300,000 sf of additional space thatcould be office, residential or a hotel.<p.The Union Bankproperty is 99% leased, and JLL estimates that roughly 25% to 28%of the space in the building is being leased at below-market rentsat a time when rents are rising steadily Downtown. Hines has addedvalue to the property during its ownership tenure by increasingoccupancy to 99% from the 95% occupancy when it acquired thebuilding.

Zietsman, who brokered the sale of the building when Hinesbought it in March 2005, notes that net rents at the property havedoubled since Hines acquired it. Regarding the property'sdevelopment potential, Zietsman explains that when Union Bank Plazawas built it did not build all of the space that was allowableunder the floor-to-area ratio that was then in effect.