LOS ANGELES-Newport Beach, CA-based KBS Real Estate Investment Trust II has acquired Union Bank Plaza, a landmark 627,334-square-foot office tower and retail complex in downtown Los Angeles. The acquisition price was $208 million, or $331.56 per square foot.
The transaction increases the commercial real estate acquired by KBS-affiliated companies in 2010 to 4.4 million square feet. In addition to Los Angeles KBS has acquired signature office properties this year in Chicago, Dallas, St. Louis, San Diego, Portland, OR, and Herndon, VA, near Washington, D.C.
The 40-story tower, located between the 110 Freeway and Figueroa Street, has proven to be one of downtown L.A.’s most sought-after office properties since its completion, according to a prepared statement. Current occupancy stands at more than 96%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
