A 55-story office building in Bunker Hill, Downtown Los Angeles, was recently acquired by its anchor tenant, investment firm Capital Group, for $210 million. The sale of the building, known as the Bank of America Plaza and formerly Security Pacific Plaza, is the largest office transaction in Los Angeles in 2026.
Capital Group said in a press release that the purchase of the building, located at 333 South Hope Street, is part of a wider global location strategy. The investment group is slated to open new offices in Charlotte and Abu Dhabi later this year and announced recently that it will invest $70 million annually to add 130 sales and sales support roles.
The investment firm currently occupies 14 floors of the 1.4 million-square-foot building and said it expects to use an additional 5 floors as it ‘co-locates’ all of its three locations in the city to the building. A report in Commercial Observer in March says that the firm will eventually bring more than 2,100 workers to the building.
A press release from law firm Allen Matkins, which represented Capital Group in the transaction, says that the sale is the largest office sale in Los Angeles County since 2023.
A report in The Real Deal in March says that asset management firm Brookfield defaulted on a $400 million commercial mortgage-backed securities debt connected to the building. That report said that the debt for the building was listed for sale in 2025.
The report in Commercial Observer in March said that the building was last appraised for $212.5 million, far below its appraised value of $605 million in 2016.
The property was built in 1974 as the corporate headquarters for Security Pacific National Bank. The main structure of the building sits atop a nine-story parking garage that can accommodate up to 2,242 cars, according to an archive from the Pacific Coast Architecture Database. The building served as the world headquarters of Security Pacific until 1991 – Capital Group has occupied it since 1978 and signed its initial lease in 1976.
The merger of Security Pacific with Bank of America in 1992 eventually led to the rebranding of the building. The archive from Pacific Coast says that the building became known as the ARCO Center for about two years after Atlantic Richfield Oil Company became a main tenant. It was then known as BP Plaza after the oil giant purchased the assets from ARCO in 1999.
Boston-based asset management firm Beacon Capital Partners then purchased the building in 2002 for $269 million, just a year before Bank of America moved its main office to the building. Beacon then sold the building in 2004 to Chicago-based investment firm Trizec Properties, which was acquired by Brookfield in 2006.
