Southwest Carpenters Pension Trust has just purchased the iconic 40-story Union Bank Plaza at 445 South Figueroa Street for $80 million from Waterbridge Capital.
The sale was facilitated by Newmark and marks the second time in just two and a half years that Union Bank Plaza has been up for sale.
Union Bank Plaza was also acquired by Waterbridge Capital for roughly $110,000,000 in March 2023 last year, which puts the sale at somewhat of a loss.
The property was named for the formerly Los Angeles-based Union Bank & Trust Company, which leased 14 floors for their corporate headquarters but has since moved, although the enormous branding still remains.
Designed collaboratively by Harrison & Abramovitz and A.C. Martin & Associates, the building was completed in 1968 as the first skyscraper built in on Bunker Hill.
The Class A 675,000 square foot property designated for office space and 27,000 square feet of street-level retail space sits on 3.6 acres spanning an entire city block.
Union Bank Plaza underwent $65 million in renovations in 2021 with lobby renovations, conference rooms, and a state-of-the-art fitness center, all with major technological advances.
In 2020, Union Bank Plaza became the first downtown skyscraper to be designated a Historic-Cultural Monument (HCM).
