Waterbridge Capital has sold the Union Bank Plaza property in Los Angeles to Southwest Carpenters Pension Trust for $80m (€72.4m), taking a 27% loss on the asset, which it purchased in March last year.
IPE Real Assets understands that Southwest Carpenters Pension has acquired the 701,888sqft office/retail property through a separate account relationship with Washington Capital Management.
According to sources that track office building sales in Los Angeles, real estate investment firm Waterbridge paid $110.5m in March 2023 to buy the Union Bank Plaza property.
Waterbridge had secured a $75m loan to help finance the acquisition of the 40-storey asset, and also obtained an extension on $40m on the loan earlier this year.
Union Bank Plaza comprises 674,731sqft of office space and 27,157sqft of street-level retail. The property has undergone extensive renovations worth around $65m.
Southwest Carpenters Pension plans to occupy part of the building for its own office space and hopefully stabilise the balance of the property by bringing in new tenants.
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