Union Bank Tower Sold to Partnership
American Trading Real Estate Partners on Wednesday sold the 22-story Union Bank building at 525 B St. for about $50 million, according to a spokeswoman for the San Diego-based real estate company that handled the transaction.
Business Real Estate Brokerage Co., which represented both the buyer and the seller, declined to state the exact sales price. However, a spokeswoman on Thursday acknowledged that the sale price was in the neighborhood of $50 million.
It would be “reasonable” for the building to sell for about $50 million, according to a local commercial real estate broker who is familiar with the 19-year-old structure.
The 427,000-square-foot building that opened in 1969 was sold to a partnership that includes Boston-based PCA Realty Advisors, New York-based Tishman Speyer Properties of New York, and AMB Investments of San Francisco.
PCA represents Property Capital Trust of Boston, a publicly traded real estate investment trust that invests in real estate across the country.
Tishman Speyer is a New York-based commercial developer. AMB Investments is a real estate investment advisory and development firm that acquires commercial properties in the West.
The Union Bank building is across the street from First Interstate Plaza, a 23-story, 600,000-square-foot building that was completed in 1984. The First Interstate building sold for $100 million in December.
The new owners plan to rehabilitate common public areas in the building.
The building has 400,000 square feet of leasable office space and 27,000 square feet of retail space, along with a six-story garage. Pacific Bell and Union Bank are major tenants of the bank. The new owners were not available for comment on whether Union Bank, which recently was acquired by California First Bank, would remain in the building.