KBS Real Estate Investment Trust II plans a major overhaul of the Union Bank Plaza building in downtown Los Angeles. The owner plans to invest $ 20 million in the property to upgrade and upgrade facilities and amenities, and to launch a special suit program for the property. The property is currently an icon. On 701,888 square meters, it has a two-story shopping center; a two-acre landscaped outdoor space; and a four-story park structure in the core of the DTLA.
"Downtown Los Angeles is in the middle of a renaissance and attracting a multitude of blue-chip companies from around the world." Tim Helgeson, SVP and asset manager at KBS, tells GlobeSt.com. "These office tenants are demanding exceptionally high-quality workspaces that are of crucial importance for attracting and retaining top talent."
The impetus for repositioning the property is always to be one step ahead in a rapidly changing property market. During this cycle, many owners have made significant capital investments in existing, well-functioning properties in order to gain a competitive advantage. “The Union Bank Plaza is already a cornerstone of the downtown LA market. As one of the largest commercial property owners in the nation, KBS makes the difference in the quality of our property, ”says Helgeson. "This means that every KBS asset is of a higher standard."
Renovation plans currently include a redesigned two story retail space, high quality finishes in the property's conference center, spacious modern outdoor seating area with fire pits, and a first class lobby. "Although Union Bank Plaza is already a Class A facility and is an integral part of the downtown Los Angeles skyline, we recognized the opportunity to take this trophy facility to a new level with this repositioning," says Helgeson. "In this way, we deepen the living, working and play environment of the property, which leads to an enormous improvement in working life for our tenants and their employees."
These renovations build on the existing amenities on the property, according to Helgeson. These amenities include a two-hectare outdoor space, convenient parking spaces, a bicycle storage room and charging stations for electric cars. "Our vision is to build on the existing amenities of this iconic property and transform it into a thriving, vibrant travel destination that makes it the office building of choice for DTLA companies," he says.
The first round of demolitions begins this month. Swinerton Builders will guide the construction effort and CPR International takes care of design.