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RC Acquisitions Scoops Up Union Bank Plaza Building For $280M

Union Bank, DTLA

The 40-story Union Bank Plaza building, owned by Newport Beach's KBS Real Estate Investment Trust II, just sold to Pacific Reach Properties affiliate RC Acquisitions.

RC Acquisitions paid $280M for the building at 445 South Figueroa St. in DTLA, the LA Business Journal reports. It has 623,334 SF available for lease.

The property represented about 13.2% of the KBS REIT II’s assets and accounted for 17.8% of the company’s revenue for the six months ending on June 30.

The building was built in 1967, CoStar reports.