One of the biggest office tenants in downtown Los Angeles has agreed to stay put on Bunker Hill for another 15 years, landlord Brookfield Property Partners said.
Investment firm Capital Group has renewed its lease covering 323,000 square feet at Bank of America Plaza, a prominent 55-story tower at 333 S. Hope St.
“Capital Group was founded in Los Angeles in 1931 and set up shop at Bank of America Plaza nearly 40 years ago,” said Phil de Toledo, president of Capital Group Cos. “We are pleased to continue to serve our clients from this important business address.”
The mutual fund giant has been at Bank of America Plaza since 1978, when it became one of the first companies to occupy the skyscraper that helped lead the transformation of Bunker Hill from a residential area to a business center.
The 1.4-million-square-foot tower was then known as Security Pacific Plaza. Bank of America took over Security Pacific Bank in 1992 and went on to move its Los Angeles headquarters into the tower and put its name on top of the building.
Bank of America is still the “name” tenant, though Capital Group rents the most space in the building, Brookfield said.
Financial terms of Capital Group’s lease were not disclosed. Brookfield typically asks for annual rent of $26 to $28 per square foot, according to experts who track the downtown office market.
“The Capital Group lease renewal is an affirmation of downtown Los Angeles and Bunker Hill’s vitality,” said Bert Dezzutti, an executive vice president at Brookfield.