J
oel Schreiber's Waterbridge Capital has sold the 40-story Union Bank Plaza building in Downtown Los Angeles for $80 million, a significant discount from its original price. The buyer is Southwest Carpenters Pension Trust, a locally based union pension fund, which acquired the 701,900-square-foot tower at 445 South Figueroa Street through Washington Capital Management.

    The deal marks a new low price reset for offices in Downtown LA, with a sale price of $114 per square foot. Waterbridge purchased the building last year for $110 million, or $158 per square foot, but received a large lease termination payout from Union Bank that offset its initial investment. The carpenter's union will occupy a significant portion of the building, fixing its long-term operating costs.

    The sale was brokered by a team of 10 brokers from Newmark, who worked with Waterbridge and the buyer to complete the deal. According to Kevin Shannon of Newmark, this transaction was a win-win for both parties, as the buyer acquired an institutionally renovated office tower at a favorable price, factoring in the value of adjacent development potential.

    Meanwhile, Schreiber faces financial pressure from Starwood Capital in Miami, which has been unable to collect nearly $90 million in judgments awarded against him in 2022 and last year. The judgments stem from defaults on $254 million in loans provided by Starwood for the Broadway Trade Center in Downtown LA, where Schreiber signed personal guarantees.