Wednesday, April 19, 2023

KBS Sells TOBY Award-Winning 675,945 Square-Foot Class A Mixed-Use Property in Downtown Los Angeles, California for $104 Million

Union Bank Plaza445 South Figueroa Street,
downtown Los Angeles, CA

LOS ANGELES, CA – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces it has sold Union Bank Plaza, a 675,945 square-foot, Class A mixed-use property located in downtown Los Angeles, California.

 The buyer, Waterbridge Capital, purchased the asset for $104 million. In addition the buyer assumed approximately $6 million in committed capital obligations to existing tenants. Union Bank Plaza, at 445 South Figueroa Street, was owned by KBS Real Estate Investment Trust II.

 

“Union Bank Plaza was the final building in REIT II, a fund which we are in the process of liquidating,” says Giovanni (Gio) Cordoves, Western regional president for KBS.

 

 “The property represents an opportunity for the buyer to be part of an eventual post-pandemic recovery in downtown Los Angeles.

 

"Given our recent renovations at Union Bank Plaza, the building is well positioned to attract new tenants with its indoor/outdoor workspaces and other amenities today’s office users increasingly desire.”

 

Newmark notes that despite uncertainty due to the current slower economic climate, the Los Angeles office market—specifically trophy assets like Union Bank Plaza—could benefit from a growing return-to-work sentiment from large companies, according to Tim Helgeson, senior vice president at KBS, who served as asset manager for the property.

 

“Los Angeles is a market known for its resiliency and ability to adapt to shifts in market dynamics and user preferences,” says Helgeson. “In the case of Union Bank Plaza, the buyer seized upon an opportunity to own a high-quality mixed-use asset in a market with strong upside potential within the next several years.”

 

Designed by L.A. architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, a two-level retail center, a two-acre landscaped outdoor plaza and an ample four-level parking structure.

 

Shared amenities at the property include EV car-charging stations, and on-site bank, carwash/detailing, and storage.

 

Offering convenient access to major Los Angeles freeways, shopping, dining, lodging and entertainment, the asset is named for anchor tenant Union Bank, which has occupied the building since its construction.

 

The property recently underwent a $22 million renovation that includes a remodeled lobby with upgraded elevator cabs, and improvements to the outdoor plaza that include fire pits, workspaces and comfortable seating. It has also been designated as the first skyscraper in Los Angeles to become a historical landmark nominated by the esteemed Los Angeles Conservancy.

 

Additionally, Union Bank Plaza recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater Los Angeles.

 

The building was honored as the recipient for the 500,000-1 million square feet Office Building Square Footage category, which highlights overall excellence in local commercial buildings that have a positive community impact and showcase emergency preparedness, sustainability, health and wellness and additional performance metrics.

 

Kevin Shannon, Laura Stumm, Ken White and Rob Hannan of Newmark represented KBS in the sales transaction. Mike Condon of Cushman & Wakefield represented the buyer.

 

“KBS did a terrific renovation of Union Bank Plaza which put it squarely in the Class A subset. Buying CBD office anywhere in the country right now is a strategy that provides contrarian investors with a terrific basis advantage.” says Shannon.

According to Bruce Fischer, Greenberg Traurig’s Co-Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team (which included Shareholder Howard Chu and Paralegal Amanda Kennedy) representing KBS as legal counsel in the disposition:

 

“We were pleased to work with KBS in the disposition of Union Bank Plaza as this market continues to attract tech and entertainment office users.”

Union Bank Plaza is located at 445 S. Figueroa Street in Los Angeles, California.

 

 

 

CONTACT:

 

Arleeny Escarcega 

aescarcega@thesmartagency.com

 

                  

Lee & Associates opens new office in Pittsburgh, PA

 From left: Francesco Sergio, Amy Broadhurst, Caroline Muse
 

PITTSBURGH, PA – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces the opening of their new Western Pennsylvania office in Pittsburgh.

The office will initially specialize in office and industrial leasing and sales, with additional capabilities in debt and equity origination.

 The office will strategically recruit teams that will expand their capabilities into retail, multifamily, and investment sales, as well as add bandwidth across the board.

Jeffrey Rinkov


The Lee & Associates Western Pennsylvania team will be led by Amy Broadhurst, SIOR, CCIM as President and Principal, and will include Caroline Muse as a Senior Associate and Francesco Sergio as Principal, Debt & Equity Origination.


“Lee & Associates' focus continues to be enhanced client services, and we are always looking for markets that we can expand into to better serve our clients,” said Jeffrey Rinkov, CEO of Lee & Associates


"Our expansion into the Pittsburgh market is an excellent representation of our roadmap for continued growth. We see the region as very strategic, and feel that with Amy we have identified in the right leader to grow our presence.”

Broadhurst, a 15-year CRE industry veteran, brings key leasing and sales capabilities across industrial, flex, and office asset classes, with transactional experience on behalf of both occupiers and owners. 

John Van Buskirk
A Past President of SIOR’s Western Pennsylvania chapter, she remains active with SIOR as well as multiple non-profits throughout the Pittsburgh region including the Pittsburgh Downtown Partnership, the United Way, Children’s Hospital, Congenital Cardiac Research Collaborative, and Connecting Champions.  

 
Operations for the new Western Pennsylvania office will be closely linked to existing operations in the Lee & Associates Eastern Pennsylvania office that was launched in 2015 by Founding Principals John Van Buskirk, SIOR and Brian Knowles, SIOR, CCIM 
Brian Knowles

“Our vision is a dynamic, statewide enterprise with strong market leaders in each Pennsylvania office, anchored by shared management and back of house resources,” said Van Buskirk. “Under Amy’s leadership we are confident that the Lee & Associates footprint in Pittsburgh will quickly grow and reach its potential.”

Broadhurst will quickly focus on securing office space and begin the process of finding the right support team, noting that “we feel it’s essential that we be in a position to provide brokers with a fast start opportunity. 

"Fortunately, the company is well capitalized and we’re in a position to make those commitments ahead of revenue.”

  

 CONTACT:

 

Amy Broadhurst,

abroadhurst@lee-associates.com

     

JLL Capital Markets closes sale of 460-unit Town Hall Terrace in Grand Island, NY

  

 Elizabeth DeVesty

 GRAND ISLAND, NY -- JLL Capital Markets has closed the sale of Town Hall Terrace, a 460-unit multi-housing community located in Grand Island, New York. The price was not disclosed.


Steve Simonelli
JLL marketed the property on behalf of a private owner who was the original owner and developer of the property and procured the buyer. 

 

The JLL Capital Markets Investment Sales Advisory team was led by Steve Simonelli, Mike Oliver, Jose Cruz, Austin Pierce, Elizabeth DeVesty and Andrew Scandalios.

 

“We were delighted to represent the original owner and developer of Town Hall Terrace in the sale of the property," said Simonelli.


 Mike Oliver
"There was significant interest in the greater Buffalo market, and the property from a wide variety of national and regional investors even in these more challenging times.”

 

Town Hall Terrace was built in stages from 1963 through 2008. The property consists of 384 one- and two-bedroom apartment flats, 46 three-bedroom townhomes and 30 two-bedroom senior patio homes.

 

The units have a wide range of amenities with certain models presenting opportunities for upgrades.

 

The high-quality townhomes and senior patio homes currently feature numerous modern offerings, such as Pergo floors, stainless steel appliances, in-unit washers and dryers, spacious kitchens, walk-in closets and personal yard space.


Jose Cruz
Community amenities include a clubhouse lounge, a fitness center, a heated pool, tennis courts, a picnic pavilion and a dog exercise park.

 

Located at 2255 Center Terrace, Town Hall Terrace is situated in Grand Island, an island community positioned between Buffalo and Niagara Falls, with proximity to Canada.

 

 Strategically located off Interstate 190, a major north-to-south thoroughfare, and within close distance of Interstate 290, the asset provides access to the major highways in the area and offers unmatched connectivity throughout Erie County and the greater Upstate New York area.


Austin Pierce,
The property is also located 17.5 miles away from the Buffalo Niagara International Airport and 10.4 miles from the Amtrak Niagara train station, supplying tenants with the convenience of major transportation services.

 

With the availability of mass transit, Town Hall Terrace’s community benefits from numerous nearby points of interest that include over 4.5 million square feet of retail, restaurants, parks, schools and grocery stores.

  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

Andrew Scandalios

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.


The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 



CONTACT:

 

 Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com