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Union Bank Plaza on the Market

By Eric Richardson
Published: Tuesday, June 29, 2010, at 08:06AM
Union Bank Plaza Eric Richardson [Flickr]

2007 photo of Union Bank Plaza, which has since received a white coat of paint and a new logo.

Bloomberg reports that Union Bank Plaza is on the market, with owner Hines potentially getting $200 million out of a sale.

It's the second time that the company has hired Jones Lang LaSalle to market the 626,000-square-foot tower, which sits at 445 S. Figueroa. When the property was listed in 2007, a major part of the marketing was the potential for 300,000 square feet of additional development on the site.

The 40-story tower occupies only a portion of the site, and open space atop the site's parking structure could one day become home to office, residential or hotel development.

Union Bank Plaza opened in 1968 as the first piece of the Bunker Hill redevelopment project. The bank has occupied the tower throughout its history, and currently leases a little over half of the building.

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