Hertz Group Closes on Union Bank Plaza
The Hertz Investment Group, owners of the California Mart and other holdings in downtown Los Angeles, has added the 640,000-square-foot Union Bank Plaza to its portfolio, bringing its Southern California properties to more than 4.5 million square feet.
Hertz is part of an investment group that purchased the historical building from a joint venture between The Equitable and Nippon Life insurance companies for $89 million. The 40-story high-rise, which is located on Bunker Hill at 445 S. Figueroa Street, is one of the more in-demand addresses in downtown’s financial district, proximate to the Pacific Stock Exchange, major hotels and other financial related businesses. The Class A building has a nearly 100 percent occupancy rate.
The plaza has undergone numerous expansions and renovations, with the most recent in 1995 when the garage, tower facade, lobby and common areas were refurbished. A 20,000-square-foot retail center was added in 1992.
“This acquisition meshes well with our overall strategy of acquiring exceptional, historically significant properties of all types,” said Judah Hertz, president of Hertz. —Robert McAllister
