Union Station: Say Howdy to Your New Texan Owners
As part of a package deal, Los Angeles' historic Union Station will soon have new owners, the Fort Worth, Texas-based TPG Capital, according to CurbedLA. The deal was announced yesterday, involving Denver-based ProLogis selling Union Station and "numerous other properties for $505 million" to TPG.
"Yes, They Have Trains And Buses In L.A.," quips the headline of the Wall Street Journal article about the sale, which, in addition to our Downtown transit hub for the Red, Gold and Purple lines, numerous bus lines, and Amtrak, includes ProLogis selling "four shopping centers, two office buildings, 11 mixed-use projects and two residential development joint ventures" to the Texans.
ProLogis acquired Union Station in 2005 when they merged with Catellus Development Corp., who had previously acquired the now 71-year-old property and adjacent land in 1990. Catellus was responsible for "restoring things like marble, tile and chandeliers, and in building restaurants and other amenities" in the station, and say the "51-acre site is approved for up to 5.9 million square feet of new development."