While the LA county bus/transit rail agency makes so many bucketheaded moves that I'd rather they didn't control Los Angeles Union Station. Looks like they won't. I don't know what the effect this sale will have and precisely what is and isn't involved in the transfer. Prologis is the later name of the company that took over the Southern Pacific and Santa Fe real estate interests, Catellus.

[blogdowntown.com]
DOWNTOWN LOS ANGELES — Could Metro be in talks to buy Los Angeles' historic Union Station? While neither the transit agency nor current owner Prologis would offer any details, a mysterious item on the closed session agenda at this week's Metro Board of Directors meeting hints at talks.

[snip]

[www.bloomberg.com]
ProLogis, the world’s largest warehouse company, agreed to sell real estate including Los Angeles Union Station to TPG Capital for about $505 million and said writedowns will cut earnings by as much as $2.16 a share. The properties, acquired in the takeover of Catellus Development Corp. in 2005, include four shopping centers, two office buildings, 11 mixed-use projects and two residential development joint ventures, Denver-based ProLogis said today in a statement.

[snip]

[la.curbed.com]
Downtown's Union Station Being Sold to Texans
Tuesday, December 21, 2010, by Dakota Smith
So the city's downtown properties get swapped: Bloomberg is reporting that Denver-based ProLogis is selling Union Station to Fort Worth-based TPG Capital. The site is being sold along with numerous other properties for $505 million. Via the press release: "The properties, owned directly or through equity interests, to be sold in the transaction include: four shopping centers, two office buildings, 11 mixed-use projects with related land and development agreements, two residential development joint ventures, Los Angeles Union Station, certain ground leases and other right-of-way leases. The transaction is expected to be substantially completed in the first quarter of 2011, subject to customary closing conditions. Net proceeds will be used for the repayment of debt and to fund future development activity." About the buyers: "TPG Capital is the global buyout group of TPG, an investment company with more than $48 billion of assets under management, according to the statement. Fort Worth, Texas-based TPG is run by billionaire David Bonderman." Following a recent closed-door Metro meeting about Union Station, there had been speculation the city was purchasing the site.
· ProLogis Agrees to Sell Assets to TPG for $505 Million, Details Writedowns [Bloomberg]
· ProLogis Announces $505 Million Agreement With TPG Capital for Sale of Catellus Retail and Mixed-Use Assets [Prologis]
· Yes, They Have Trains And Buses In L.A [WSJ]