KBS REIT II to Sell Los Angeles Office Building for $280 Million
KBS Real Estate Investment Trust II Inc., a publicly registered non-traded real estate investment trust, has signed an agreement to sell Union Bank Plaza in Los Angeles for $280 million to RC Acquisitions LLC, an affiliate of Pacific Reach Properties.
KBS REIT II purchased the 40-story office building in September 2010 for $208 million from international real estate firm Hines’ U.S. Office Value Added Fund. Located at 445 South Figueroa Street on 3.7 acres of land, Union Bank Plaza totals approximately 627,000 square feet and represented approximately 13.2 percent of the REIT’s assets and 17.8 percent of its total revenues for the first half of 2017.
KBS REIT II went effective in April 2008 and closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The company’s portfolio consists of 10 properties (9 office properties and an office campus consisting of eight office buildings) and one real estate loan receivable.