Shuwa Subsidiary Buys Downey Savings Plaza

Downey Savings Plaza in Costa Mesa has been purchased for $29.5 million by the U.S. subsidiary of Shuwa Co., a major Japanese commercial real estate firm.

Shuwa Investments Corp. of Baldwin Park already is managing the building, located on Bristol Street near the South Coast Plaza shopping center. Shuwa purchased the eight-story building from Travelers Insurance Co. of Hartford, Conn., according to Donald G. Keller, Shuwa’s property manager. Travelers originally purchased the building from Downey Savings & Loan Assn. in 1984 for $28.5 million.

Downey continues to rent about 60% of the estimated 120,000 square feet of available office space, Keller said. The S&L; built the building in 1978 for $8 million, which included purchase of the property.

Shuwa also owns the Mitsubishi electric plant in Santa Ana and an office building in Irvine. The company is considering buying other Orange County properties, Keller said, although he would not elaborate. Also last week, Arco and Bank of America said they agreed to sell Arco Plaza in Los Angeles to Shuwa. Insiders said the companies were asking $650 million for the prime downtown property.