Texas firm is buying Union Station in L.A.

Union Station in Los Angeles is being sold to a Texas investment firm as part of a $505-million agreement announced Tuesday to purchase real estate assets from ProLogis, the world’s largest warehouse company.

The properties are being sold to TPG Capital, formerly known as Texas Pacific Group, a global private investment firm headquartered in Fort Worth, with more than $47 billion in assets under management.

As part of the deal, TPG said it was acquiring four shopping centers, two office buildings, 11 mixed-use projects and two residential development joint ventures.

Denver-based ProLogis had acquired Union Station as part of the 2005 takeover of Catellus Development Corp. Historic Union Station was restored as part of a mixed-use office, retail and residential project by Catellus, a real estate spinoff of Southern Pacific Railroad.

A Times staff writer contributed to this report.