Union Bank Signs 345,000-SF Lease Extension in Los Angeles

The Los Angeles office of Hines announced that Union Bank of California has signed a lease extension for approximately 345,000 square feet of office and retail branch space in Union Bank Plaza. The 39-story, 627,000-square-foot office tower has served as the bank’s Los Angeles headquarters since the building was constructed in 1967.  The long-term lease includes a two-floor expansion of the firm’s existing premises and represents the largest office lease transaction in Downtown Los Angeles since 1989. Union Bank Plaza is located at 445 South Figueroa St.  The 3.5-acre site is situated along the 110 Freeway between 4th and 5th streets, in close proximity to retail and food service amenities, hotels and transportation systems connecting Downtown to Greater Los Angeles.  On-site amenities include park-like grounds with walking paths and water features, a conference center, a food service retail plaza and unlimited view corridors from locations throughout the building.  The building is currently 97.4 percent leased to tenants including Union Bank of California; Nossaman, Guthner, Knox & Elliott and California Community Foundation. Robert Ortiz of Cushman & Wakefield Inc. and Craig Poletti of Union Bank of California represented the bank in the negotiations, with legal support from Teryl Murabayashi, associate general counsel for Union Bank of California, and Michael Meyer of DLA Piper L.L.P.  Hines was represented in-house by Alan Polley and Colin Shepherd, with legal support from Neil Gluck and David Stone of Allen, Matkins.“Union Bank has a long history as a major employer in Downtown Los Angeles and we are excited to continue that tradition with the completion of this transaction,”  John Erickson, vice chairman of Union Bank, said in a release. “We remain committed to supporting the vitality of the downtown community.”            “We are extremely pleased that Union Bank of California has elected to maintain its Downtown Los Angeles headquarters in our Union Bank Plaza project,” said Hines senior vice president Colin Shepherd.  “We are proud to have the bank’s name directly identified on one of our highest profile office buildings.”