KBS Wraps Up 1st Phase of Historic Los Angeles Tower Overhaul
- Oct 06, 2020
KBS has completed the first phase of the renovation and historic preservation of Union Bank Plaza, a 701,888-square-foot, 40-story office tower in downtown Los Angeles. HLW International provided architecture, interior design and landscape design services.
General contractor Swinerton Builders started work on the $20 million project in July 2019, with completion slated for April 2021. KBS Real Estate Investment Trust II purchased the Class A property in 2010 from Hines as part of a 16-asset portfolio transaction, according to Yardi Matrix data.
Union Bank Plaza spans a full block at 445 S. Figueroa St., encompassing a 40-story office tower, two-level retail center, 2-acre outdoor plaza and four-level parking structure. In February, the 1967-completed building received the Historic-Cultural Monument designation, the first downtown Los Angeles skyscraper to become a historic landmark. The tower designed by Harrison & Abramovitz and A.C. Martin & Associates features 18,275-square-foot floorplates.
During Phase I, KBS completed interior and exterior renovations to the building’s conference center and lobby, while Phase II will add a new retail level and spacious outdoor seating area with fire pits. Additionally, the owner implemented a spec suite program at the property; the first eight suites, totaling more than 21,000 square feet, were preleased prior to completion. The next 12 new spec suites, of more than 33,000 square feet total, are currently underway.
Last week, KBS also completed the $38.3 million sale of an office asset in San Jose, Calif. Bailard bought the property, which is part of the 415,492 square-foot District 237 office and R&D campus.