Eric Richardson [Flickr]

DOWNTOWN LOS ANGELES — Union Bank Plaza is on the market, which in and of itself isn't news at all. Downtown office complexes change hands regularly. Yet the talk about this property, tucked between Figueroa and the freeway, is a little bit different. For sale is the building, a parking garage, and the right to build 300,000 sq. ft. of new development.

[Michael] Zietsman [of Jones Lang LaSalle] describes the Union Bank Plaza, which is at 445 S. Figueroa St., as a "core to core-plus" opportunity for prospective buyers. He explains that in addition to upside from raising rents when leases roll over, the property offers the potential for development of approximately 300,000 sf of additional space that could be office, residential or a hotel.

The open space is a plaza that sits atop the parking garage and sees very little use. It would be interesting to see ideas for something new that could rise in that space. That strip between Figueroa and the freeway feels very isolated and could use some new life.