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<\/p>\nLos Angeles fund manager Capital Group has completed its $210-million purchase of the Bunker Hill skyscraper it already occupied as a renter and vows to continue expanding its downtown presence.<\/p>\n
Capital Group was an anchor tenant at Bank of America Plaza, which it will now operate as a landlord. The 55-story tower at 333 S. Hope St. was completed in 1974 and has long ranked as one downtown\u2019s most prominent office addresses. Capital Group has been headquartered there since 1978. <\/p>\n
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Bank of America Plaza at 333 S. Hope St. was purchased by investment firm Capital Group, which has its headquarters there.<\/p>\n
(Robert Gauthier\/Los Angeles Times)<\/p>\n
The move to buy the building at a substantial discount to its previous value is part of a pattern of well-heeled tenants deciding to become owners instead of renters in recent years as office property values plunged due to the pandemic and a shift to remote work for many companies. <\/p>\n
\u201cWe knew the best landlord we could possibly have would be ourselves,\u201d Capital Group Chief Executive Mike Gitlin said in April when the sale was first announced.<\/p>\n
Bank of America Plaza\u2019s previous owner, Brookfield Properties, defaulted on a $400 million loan and put the building on the market instead of facing foreclosure. <\/p>\n
It was the largest office sale in Los Angeles in 2026 and the largest in Los Angeles County since 2023, according to real estate brokerage Colliers, which marketed the property on behalf of the court-appointed receiver.<\/p>\n
Potential buyers competing for Bank of America Plaza included both private and institutional investors from the U.S. and overseas, said Mark Schuessler, a broker at Colliers.<\/p>\n
Capital Group has been headquartered in downtown Los Angeles since it was founded in 1931, Chief Operating Officer Rob Klausner said. \u201cWe view it as the ideal location to invest in as we bring our Los Angeles based teams together,\u201d he said.<\/p>\n
Capital Group is the largest occupant in the building, taking up 350,000 square feet on 14 floors. It plans to gradually take over another five floors as it consolidates employees from other offices downtown and in Santa Monica.<\/p>\n
\u201cThe best way to ensure a great environment in downtown L.A. is to create what we\u2019re calling a vertical campus\u201d with 2,100 employees, Gitlin said. \u201cIt was just this unique opportunity where the price was much lower than it had been historically, and it was for sale.\u201d <\/p>\n
Bank of America is also a large tenant in the building and will continue to have its name on top. Other occupants include economic consulting firm Analysis Group Inc., law firm Musick Peeler & Garrett and Alliant Insurance Services. <\/p>\n
Capital Group has more than 9,000 employees in 34 offices in multiple countries. It manages $3.4 trillion in assets for millions of wealth management and institutional clients, a representative said.\u202f<\/p>\n