Big L.A. and Miami Deals

It’s a tale of two asset classes from the West and East coasts. In Los Angeles, a downtown office tower is trading for a sizable discount. In the Miami area, a multifamily sale comes close to a regional record. Read all about each here.

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— Tom Acitelli, Deputy Editor

Downtown L.A.’s Union Bank Plaza Sells for $80M

Another prominent Downtown Los Angeles office tower is selling at a hefty discount. Washington Capital Management, on behalf of the Southwest Carpenters Pension Trust, has acquired the 40-story, 701,888-square-foot Union Bank Plaza from Joel Schreiber’s Waterbridge Capital for the relative bargain of $80 million, or almost $114 per square foot. Waterbridge purchased the building at 445 South Figueroa Street from KBS in early 2023 for $110.5 million, which itself was already a massive discount from the $208 million KBS paid for it in 2010. Waterbridge’s 2023 purchase price was later offset by receiving a “large lease termination payout” from Union Bank, the tower’s namesake tenant, according to Newmark, who brokered both Waterbridge’s purchase of the building and the most recent deal.

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Dermot Company Pays $144M for Major South Florida Multifamily Complex

The Dermot Company paid $144.2 million for a rental property in Wellington, Fla., making it one of South Florida's largest multifamily sales so far this year. Called Quaye at Wellington, the 30-acre property features five buildings with 350 units at 1090 Quaye Lake Circle, just east of South State Road 7, in the country’s equestrian capital. The 590,128-square-foot complex was completed in 2016. The seller, Stockbridge Capital Group, purchased the property for $120 million two years after its completion, according to property records. The recent sale price comes to about $412,000 per apartment.

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