LOS ANGELES—KBS REIT II has signed six leases at its Union Bank Tower retail and office building downtown for 72,717 square feet. The new leases bring the 627,334-square-foot building to 97% occupancy, which is above the average market rate.

Union Bank Tower has recently completed several property improvements to help stabilize the asset and attract tenants migrating to the downtown market. The tenants signed in this round of leasing include Arcadis USA Inc., which signed a 13,856-square-foot lease, Regus, which extended its current lease by 16,051 square feet, and, the largest of the six leases, Union Bank, which signed a 24,475-square-foot lease. The other leases range in size from 13,028 to 1,361 square feet. JLL's John McAniff and Tim Miller represented the REIT in the transaction.

Located at 445 South Figueroa St., the Union Bank Tower has 40 stories with a 19,817-square-foot retail plaza. It has historically had above-market occupancy. According to Tim Helgeson, KBS SVP and asset manager, “With numerous improvements in the works at Union Bank Plaza, we believe this property will continue to enjoy success in this market.” Due to the property's success, the REIT plans to hire an investment banking firm and consider the “best strategic options for the asset.”

According to Brookfield Office Properties, another major landlord in the downtown market, nearly half of the new leases signed in their buildings came from tenants migrating from other Los Angeles submarkets to the downtown market. The trend reveals that downtown's revitalization is bringing Angelenos as well as new transplants into the market.