Hertz Gets Another One.

Also downtown, a partnership of the Hertz Investment Group of Los Angeles and Skyrise Properties LLC of Dallas closed their deal for Union Bank Plaza.

The deal, reported to be worth $89 million, increases to $700 million the portfolio of the Hertz Investment Group in downtown. President Judah Hertz began investing in downtown in 1996.

Hertz and Skyrise made up the winning effort among four bidders for the Bunker Hill high-rise owned by Equitable-Nissei Figueroa Co., a partnership between Equitable Life Assurance Society of the United States and Nippon Life Insurance Co. of America.

Union Bank Plaza, the first office building constructed as part of the Bunker Hill redevelopment project, was completed in 1968.. The 40-story structure contains 640,000 square feet of office space. At the reported sale price, the building would go for $144 per square foot. Aside from Union Bank of California, which occupies 50 percent of the building's total space, there are some two dozen other tenants in the 96 percent-occupied building. Also on site is Ciudad, a Nuevo-Latino restaurant.

Grubb & Ellis Co. will handle leasing of the building for the partnership.