Newmark recently facilitated the sale of 445 S. Figueroa St., a 40-story office tower located in Downtown Los Angeles. The property, formerly known as “Union Bank Plaza,” was sold for $80 million after previously being traded in March 2022.
The transaction was led by Newmark’s investment sales team, including Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll, Bill Bloodgood and Chris Benton. Co-president of Global Debt & Structured Finance Jonathan Firestone also played a role in representing the seller W/B Union Plaza Holdings LLC. Additionally,Washington Capital Management acted on behalf of Southwest Carpenters Pension Trust and intends to occupy part of the building while leasing out the remaining space.
W/B Union Plaza Holdings LLC had originally purchased Union Bank Plaza from KBS for $110.5 million with assistance from Newmark back in March 2022 but significantly reduced their basis after receiving a large lease termination payout when Union Bank merged with US Bank and relocated to US Bank Tower.
According to Kevin Shannon: “This transaction was beneficial for both parties involved.” He explained that while the buyer paid $100 per square foot for an upgraded office tower suitable for institutional use,the seller also saw significant returns due to their lowered cost basis resulting from terminating their lease agreement with UnionBank.
