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Union Bank Building, Los Angeles, CA

A 310,000 square foot class A office building, located in Los Angeles, was caught in the middle of a partnership dispute. The institutional owner’s local operating partner was blocking the sale of the asset because the operating partner faced a tax problem from the sale.

The Reliant Group arranged to pay the operating partner with shares in a publicly traded REIT (to avoid the tax issue) and to pay the pension fund in cash. The result was a win-win for all parties.