Newport Beach-based KBS Real Estate Investment Trust II recently struck a deal to sell its 40-story Union Bank Plaza building at 445 S. Figueroa St. in Downtown Los Angeles for $280 million, according to a U.S. Securities and Exchange Commission Report.
RC Acquisitions, an affiliate of Pacific Reach Properties, is reported as the buyer.
The building features 623,334 square feet of leasable space.
The property represented about 13.2 percent of the KBS REIT II’s assets and accounted for 17.8 percent of the company’s total revenue for the six months ending on June 30, 2017, according to the report.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.
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