Newport Beach real estate investor WCB Properties LP has acquired Union Bank Square, a nearly 400,000-square-foot set of office buildings in Orange, for $92 million.
WCB bought the buildings with a real estate investment unit of UBS AG.
Colton Co. of Irvine sold Union Bank Square. The company paid a reported $43.5 million for the buildings in early 2000.
Union Bank Square has two 12-story towers, one six-story building and a single-story building at the corner of Main Street and La Veta Avenue. It was one of the first multiple-building office projects built in Orange County, completed between 1962 and 1967.
WCB Properties plans to spend $4 million or so fixing up Union Bank Square to improve the look of the buildings, according to Terry Thompson, the company’s vice president of acquisitions.
Union Bank Square is about 95% full.
Union Bank of California is the namesake tenant. The Orange County Transportation Authority has its headquarters at one of the buildings, 600 S. Main St.
The complex also is home to one of the state’s larger dental health maintenance organizations, Western Dental Services Inc.
Another building holds the bulk of administrative offices for St. Joseph Health System, which recently renewed its lease at Union Bank Square. St. Joseph Hospital-Orange is within walking distance from the building.
For more on this story, see the July 16 edition of the Business Journal.
