Southwest Carpenters Pension Trust Acquires Union Bank Plaza In Los Angeles For $80M

The property involved in the transaction is an office asset located at 445 South Figueroa Street in Los Angeles. The sale was finalized for a total amount of $80,000,000, with a total square footage of 701,888. This results in a price per square foot of $114. The property is known as Union Bank Plaza and was sold on October 1, 2024.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $80,000,000
• Square Footage: 701,888
• Price Per Square Foot: $114
• Address: 445 South Figueroa Street
• Market: Los Angeles
• Buyer: Southwest Carpenters Pension Trust
• Seller: Joel Schreiber - Waterbridge Capital
• Brokers: Bill Bloodgood, Chris Benton, Ken White, Kevin Shannon, Laura Stumm, Michael Moll, Rob Hannan, Anthony Muhlstein & Jonathan Firestone - Newmark

The transaction reflects a 23% decrease in price from its previous sale of $104 million in 2023. Newmark represented the seller and noted the low acquisition cost at approximately $100 per square foot, signifying a significant discount from its prepandemic peak value while highlighting the property's future development potential.