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The building has 49 levels above ground, and 6 basement levels. True to its name, the bank serves as the headquarters for Union Bank of the Philippines, the seventh-largest bank in the Philippines in terms of assets. , PCCW, among others. However, the building's main tenant, UnionBank, also maintains some executive offices at the SSS Building in Makati. Originally the building is owned and developed by Megaworld Corporation, and was known as the World Finance Plaza, but during construction the project was taken over by Union Properties, Inc., the real estate arm of Union Bank of the Philippines, and was renamed "UnionBank Plaza". UnionBank Plaza was designed by renowned Filipino architectural firm Recio & Casas,[4][5] with American architectural firm RTKL Associates as its design consultant. The structural design of the building was handled by British engineering group Ove Arup & Partners in cooperation with local engineering group G.E. Origenes & Associates.[6] Project Management was handled by Union Properties, Inc. headed by Arch't.

Cynthia V. Razon with her staff, Arch't Contrino del Carmen, Eng'r. Carlo Salvatierra and Arch't Angelo Torres. Construction Management works were undertaken by Jose Aliling & Associates, a well known project management company in the Philippines. The building has an 8-level concrete podium as its base, while its main body is fully clad with aluminium unitized curtain wall.[5] It has a distinctive design of having multiple corners, making it easily recognizable among the buildings in Ortigas Center. The building is stands along Meralco Avenue, cornered by two smaller streets namely Onyx and Sapphire Streets in Pasig, Philippines, and is within the Ortigas Center central business district. It is a few blocks away from other major office and residential buildings in the area, as well as large shopping malls like Robinsons Galleria and the high-end The Podium mall. It is also a few meters away from Metrowalk, a well known cluster of bars and restaurants. The building has a 6-level basement and 7-level aboveground level parking [3] for its tenants and guests, and has a helipad in the rooftop.