A joint venture on Monday announced it acquired Union Bank Square in Orange, Calif., for approximately $92 million.
WCB Properties along with its capital partner in the transaction, the U.S. real estate business of UBS Global Asset Management, purchased Union Bank Square from The Colton Co.
Union Bank Square is a four-building, 397,041-square-foot, class A office project located at the corner of Main Street and La Veta Avenue. Built in the mid-1960s, Union Bank Square has two 12-story towers, one six-story building and a single-story building.
At the time of sale, the property was 95 percent leased to tenants that included St. Joseph’s Health Care Systems, Western Dental, Union Bank and OCTA.
WCB Properties said it plans to invest about $4 million to “enhance the aesthetics of the property,” according to a press statement.