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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 comer 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.
The real estate investor has stayed local with its recent buys. Including Union Bank Square, WCB Properties has bought close to $270 million of local real estate since early 2006....