KBS REIT II Inks Another Deal to Sell Los Angeles Office Tower
: KBS Real Estate Investment Trust II Inc., a publicly registered non-traded real estate investment trust, has agreed to sell Union Bank Plaza in Los Angeles.
KBS Real Estate Investment Trust II Inc., a publicly registered non-traded real estate investment trust, has agreed to sell Union Bank Plaza in Los Angeles, the last remaining property in its portfolio, to an affiliate of Waterbridge Capital for $155 million. The closing date is expected to be October 19, 2022.
Located at 445 South Figueroa Street, Union Bank Plaza is a 40-story office building totaling approximately 702,000 square feet that sits on 3.7 acres of land. The REIT purchased the property in September 2010 for $208 million from Hines’ U.S. Office Value Added Fund.
Last month, Harbor Associates terminated its agreement to purchase the property for $165 million. In late 2017, RC Acquisition, an affiliate of Pacific Reach Properties, agreed to purchase Union Bank Plaza for $280 million, but later “exercised its right to terminate the agreement.”
In March 2020, KBS REIT II shareholders approved a plan of liquidation for the company, and the company has since paid five liquidating distributions totaling $2.10 between March 20REIT20 to December 2021.
KBS II closed its primary offering in December 2010 after raising approximately $1.8 billion in investor equity.
