Capital Group buys Bunker Hill skyscraper

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Los 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.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’s most prominent office addresses.

Capital Group has been headquartered there since 1978.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.

Business Businesses want the mayoral candidates to deal with downtown’s entrenched troubles.“We knew the best landlord we could possibly have would be ourselves,” said Capital Group Chief Executive Mike Gitlin when the sale was first announced in April.Bank of America Plaza’s previous owner, Brookfield Properties, defaulted on a $400 million loan and put the building on the market instead of facing foreclosure.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.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.Capital Group has been headquartered in downtown Los Angeles since it was founded in 1931, according to Chief Operating Officer Rob Klausner .“We view it as the ideal location to invest in as we bring our Los Angeles based teams together,” he said.Capital Group is the largest occupant in the building, taking up 350,000 sq...