Zietsman tells GlobeSt.com that the property has already generated very strong interest from prospective buyers, including quite a few overseas investors. Close to 50 groups have already returned the confidentiality agreement asking for more information about the property, he notes.

Zietsman describes the Union Bank Plaza, which is at 445 S. Figueroa St., as a "core to core-plus" opportunity for prospective buyers. He explains that in addition to upside from raising rents when leases roll over, the property offers the potential for development of approximately 300,000 sf of additional space that could be office, residential or a hotel.<p.The Union Bank property is 99% leased, and JLL estimates that roughly 25% to 28% of the space in the building is being leased at below-market rents at a time when rents are rising steadily Downtown. Hines has added value to the property during its ownership tenure by increasing occupancy to 99% from the 95% occupancy when it acquired the building.

Zietsman, who brokered the sale of the building when Hines bought it in March 2005, notes that net rents at the property have doubled since Hines acquired it. Regarding the property's development potential, Zietsman explains that when Union Bank Plaza was built it did not build all of the space that was allowable under the floor-to-area ratio that was then in effect.