On February 24, 2011, the Los Angeles County Metropolitan Transportation Authority’s board of directors approved purchasing the historic Union Station for $75 million from Catellus Operating Limited Partnership. The purchase includes 38 acres of land and development rights to 5.9 million square feet of property around the station.
Munger, Tolles & Olson's Richard S. Volpert and Brian Hochleutner are representing Metro in the negotiations which include protecting the building’s historical components and working out numerous railroad rights. The deal is expected to close in April.
Mr. Volpert and Mr. Hochleutner practice in the firm’s real estate department which is a full-service department with an emphasis on the acquisition and sale of commercial properties, real estate finance, commercial leasing transactions, ground-leased development projects, and projects involving public/private partnerships.