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Union Bank of California renewed and extended occupancy of Union Bank Plaza, its L.A. headquarters for many years. The owner of the property, Houston-based Hines, says it's the largest downtown office lease deal since 1989. The lease rate was not disclosed, but the Business Journal reports that rents have softened. Union Bank is a subsidiary of SF-based UnionBanCal Corp, which has been taken over by Japan's Mitsubishi UFJ Financial Group.
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.