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May 31, 2020
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DTLA Office High-Rise to Undergo $20 Mil Renovation


KBS has begun work on a $20 mil renovation of Union Bank Plaza (UBP) in Downtown Los Angeles. Located at 445 S. Figueroa St, UBP is a Class A office tower owned by KBS Real Estate Investment Trust II.

KBS’ renovation of UBP will feature an entirely reimagined two-story retail level, high-level finishes in the property’s conference center, a spacious, modern outdoor seating area with fire pits, and a best-in-class lobby. In addition to the building renovation, KBS has embarked on a progressive spec suite program, building out tenant suites without a committed tenant. These suites are extremely high-quality and designed with downtown’s live-work-play tenants in mind. Of the first eight suites currently under construction, two have been pre-leased.

One of the most prominent Class A high-rises making up downtown L.A.’s skyline, UBP will be one of the first buildings in the area to receive significant upgrades and an ambitious amenity package since the majority were built in the 1980’s. KBS is adding to the wealth of amenities already available, such as a convenient parking garage with a 1.5/1,000 parking ratio, multiple elevators, security, bike storage, an electric car charging station and immediate access to the I-110 Freeway with the best ingress/egress in the Central Business District (CBD).

“Union Bank Plaza is the type of property that literally could not be built today. Covering a full city block, the property strategically connects the Bunker Hill business district with the burgeoning Figueroa Corridor. Offering easy access to both phenomenal entertainment and key transportation routes, UBP has the location and the energy that so many commercial tenants are looking for,” said Tim Helgeson, senior vice president for KBS and asset manager of the property.

The project’s vision was created with the help of HLW International’s Los Angeles studio and will seamlessly blend elements of today’s modern work environment with UBP’s classic and timeless design. This new environment will add modern outdoor elements to support the outstanding restaurant options available to those working in the building and the surrounding neighborhood.

UBP is in one of DTLA prime locations and consists of a 701.9k sf office tower; a two-level retail center; a two-acre landscaped outdoor plaza; and a four-level parking structure in the core of DTLA’s CBD. According to the latest research from Cushman & Wakefield, the overall vacancy rate in the CBD has continued to decline in recent years, with vacancy rates for the fourth quarter of 2018 at the lowest they’ve been since 2011.

KBS has engaged Swinerton Builders to lead construction efforts. The first round of demolition work will begin in early July with a completion date in Q1 of 2020. Justin Collins, Pete Collins, and Kelli Snyder from Cushman & Wakefield are overseeing the leasing efforts for UBP.

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