Newmark Group announced on October 1, 2024, it arranged the $80 million sale of 445 South Figueroa Street, historically known as 'Union Bank Plaza,' in Downtown Los Angeles. The property includes a 674,731-square-foot office tower and 27,157 square feet of street-level retail space.
Newmark represented the seller, W/B Union Plaza Holdings, LLC, and also Washington Capital Management, acting on behalf of the buyer, Southwest Carpenters Pension Trust. The buyer intends to occupy a portion of the building and stabilize the remainder through lease-up.
The sale represents a significant discount to replacement cost and peak pricing, with the buyer acquiring the institutionally renovated tower at approximately $100 per square foot. This transaction highlights a growing trend of owner-users capitalizing on market opportunities to fix long-term operating costs.
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