(LOS ANGELES) – Hines, the international real estate firm, announced today its U.S. Office Value Added Fund has sold Union Bank Plaza to KBS Real Estate Investment Trust II.
The 40-story 627,334-square-foot Class A office property is located in the Bunker Hill section of Downtown Los Angeles.
Hines was represented in the transaction by Jones Lang LaSalle.
Designed by Albert C. Martin & Associates, Union Bank Plaza was completed in 1967 as the west coast headquarters for Connecticut General Life Insurance Company.
The property is currently 95 percent leased, with approximately 55 percent leased to Union Bank, N.A. through 2022.
“When we acquired Union Bank Plaza in 2005, it represented one of the largest investments made in our U.S. Office Value Added Fund,” said Hines Senior Vice President and fund manager David Congdon.
“By renewing and expanding the property’s anchor tenant, as well as improving the quality of the asset through renovations and operational improvements including energy efficiencies, we added significant value and realized exceptional investment performance.”
The Hines U.S. Office Value Added Fund is a closed-end fund formed in December 2003 to acquire office properties in CBD and suburban markets where value can be created through leasing, redevelopment and operating strategies.
“Our success at Union Bank Plaza serves to reinforce our belief in the strength of the Downtown Los Angeles market and our continued dedication and commitment to Hines’ presence throughout Southern California,” said Hines Senior Vice President Colin Shepherd.
Hines entered the Los Angeles market in 1987 with the development of Figueroa at Wilshire.
Since that time, the firm has developed, acquired and managed more than 24 million square feet in Southern California, with a current portfolio of 12 million square feet.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 451 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in the LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.