O’Melveny & Myers Sells Building
Venerable Los Angeles law firm O’Melveny & Myers has sold its Bunker Hill headquarters building to a New York real estate company, the parties announced Wednesday.
Tishman Speyer paid about $250 million for the 26-story tower at 400 S. Hope St. that is known as Mellon Bank Center.
O’Melveny & Myers, founded in 1885, was an original partner in the development of the property, built in 1982. The sale will allow the firm to diversify the investments in its partners’ retirement fund, partner Greg Thorpe said.
The law firm was one of the longest owners of a downtown trophy office building, said David Hasbrouck of Cushman & Wakefield, who represented the sellers. The sale is part of a trend in the last few years of office buildings being taken over by large investors, real estate advisors or real estate investment trusts.
“Most large institutional buyers in the U.S. are convinced that downtown will continue improving with the residential renaissance that is underway,” Hasbrouck said.
Before the sale, O’Melveny & Myers agreed to continue to occupy 350,000 square feet of space, or about half of the building, for the next 10 years.
Other tenants in the tower, which is 94% leased, include Mellon Bank, McKinsey & Co. and Capital Group Cos.
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