WCB Acquires Union Bank Square for $92M

ORANGE, CA-WCB Properties of Newport Beach has acquired the 397,000-sf Union Bank Square office project in partnership with the US real estate business of UBS Global Asset Management. Terry Thompson, vice president of acquisitions for WCB, tells GlobeSt.com that the new owners plan $4 million in upgrades in a value-added play at the office project.

WCB’s renovations and repositioning will be mainly designed to improve the overall appearance and create a more contemporary feel to the four-building project, Thompson says. The property was one of the first multiple-building office developments in Orange County when it was built from 1962 to 1967.

“Some of the lobbies are a bit dated, and we would like to create a more consistent look from building to building, but the project is in very good shape and has been well maintained,” Thompson says. WCB acquired the property from the Irvine-based Colton Co., which had owned it since 2000, in a deal that was brokered by Robert Smith of the Newport Beach office of CB Richard Ellis.