---
title: "Capital Group Buys Its Own Bunker Hill Tower for $210 Million"
description: "In the largest Los Angeles office deal in years, investment giant Capital Group has completed the $210 million purchase of Bank of America Plaza — the 55-story Bunker Hill tower it has called home since the 1970s — buying the distressed skyscraper from a defaulting Brookfield at a fraction of its pre-pandemic value."
category: "Los Angeles"
category_url: https://herald.la/category/los-angeles
author: "Brandon Cole"
published: 2026-06-29T18:48:00.000Z
updated: 2026-06-29T18:48:00.000Z
canonical: https://herald.la/article/capital-group-buys-its-own-bunker-hill-tower-for-210-million-dollars
tags: ["real estate", "downtown LA", "office market", "Capital Group", "Brookfield", "Bunker Hill"]
---
# Capital Group Buys Its Own Bunker Hill Tower for $210 Million

In the largest Los Angeles office deal in years, investment giant Capital Group has completed the $210 million purchase of Bank of America Plaza — the 55-story Bunker Hill tower it has called home since the 1970s — buying the distressed skyscraper from a defaulting Brookfield at a fraction of its pre-pandemic value.

One of downtown Los Angeles's signature towers has changed hands — and the buyer was already inside it.

## A landmark changes hands

Bank of America Plaza, at 333 S. Hope Street in the Financial District, has anchored the Bunker Hill skyline since it opened in 1974. Designed by AC Martin & Associates and originally built as the headquarters of Security Pacific National Bank, the 55-story, roughly 735-foot tower is set at an angle to the street grid and remains one of the tallest buildings on the West Coast. On June 16, Capital Group [announced](https://www.prnewswire.com/news-releases/capital-group-completes-purchase-of-downtown-los-angeles-headquarters-302802400.html) it had completed the purchase of the building — about $150 a square foot for the nearly 1.4-million-square-foot tower — in what the [Los Angeles Business Journal](https://labusinessjournal.com/featured/capital-group-buys-tower-for-210-million/) called the largest Los Angeles County office sale since 2023.

## From tenant to owner

Capital Group is no stranger to 333 S. Hope: the investment manager has been headquartered there since the late 1970s and occupies roughly 14 floors, making it the building's dominant tenant. "We knew the best landlord we could possibly have would be ourselves," chief executive Mike Gitlin said, according to Commercial Observer. The firm plans to consolidate its scattered Los Angeles operations into a single "vertical campus," eventually housing more than 2,000 employees in the tower. Bank of America keeps its name on the crown.

## The seller's distress

For the seller, Brookfield Properties, the sale closes a painful chapter. Once the largest office landlord in Los Angeles, Brookfield acquired the tower in a 2013 portfolio deal and later carried about $400 million in debt against it. As remote work hollowed out downtown and office demand cratered, Brookfield defaulted; the loan went to a special servicer in 2024, and the building was listed for sale in late 2025, [The Real Deal reported](https://therealdeal.com/la/2026/03/27/downtown-la-tower-finds-buyer-after-brookfield-default/).

## A measure of how far values fell

The $210 million price tells the story of downtown's collapse: a late-2024 appraisal valued the tower at about $212.5 million — down roughly 65 percent from a $605 million appraisal in 2016. The building sold, in other words, for less than the debt once stacked against it. That is not an outlier. Downtown Los Angeles office vacancy has climbed to roughly a third — among the highest of any major U.S. city — as the pandemic accelerated remote work and corporate space-shedding the market has yet to absorb.

## What the deal signals

Brokers have warned against reading too much optimism into any single sale. But this one is unusual: the buyer is not a speculator hunting a discount but an occupier with deep local roots and a concrete reason to own the building it fills. Owner-occupier deals signal a longer-term commitment to a place. For a downtown struggling to keep corporate tenants, Capital Group planting its flag on Bunker Hill is a genuine vote of confidence — even as the price underscores how much value has been lost.

## Sources

- [Capital Group completes purchase of downtown Los Angeles headquarters](https://www.prnewswire.com/news-releases/capital-group-completes-purchase-of-downtown-los-angeles-headquarters-302802400.html)
- [Capital Group buys tower for $210 million](https://labusinessjournal.com/featured/capital-group-buys-tower-for-210-million/)
- [Downtown LA tower finds buyer after Brookfield default](https://therealdeal.com/la/2026/03/27/downtown-la-tower-finds-buyer-after-brookfield-default/)