According to The Real Deal via the Commercial Observer, the Union Bank Plaza at 445 South Figueroa Street in Downtown Los Angeles just closed for $80 million or $114 per square feet. This selling price sets a new record low for high-rise office buildings in downtown Los Angeles on a per SF basis, obviously a title the sellers did not want to earn.
The property sold after being bought just last year for $110 million ($158/SF) by Waterbridge Capital. The owner of Waterbridge, Joel Schreiber, owes legal judgements of almost $90 million which appears to be the basis for the sale. The property had sold for $208 million in 2010 to KBS.
As part of the sale Waterbridge apparently was paid a substantial sum by Union Bank to exit their lease early. The buyer, the Southwest Carpenters Pension Trust, will owner-occupy a portion of the building. The sale was handled by a bevy of brokers at Newmark.
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