Capital Group buys Bunker Hill skyscraper

Los Angeles fund manager Capital Group has completed its $210-million purchase of the Bunker Hill skyscraper it already occupied as a renter and vows to continue expanding its downtown presence.Capital Group was an anchor tenant at Bank of America Plaza, which it will now operate as a landlord. The 55-story tower at 333 S. Hope St. was completed in 1974 and has long ranked as one downtown’s most prominent office addresses. Capital Group has been headquartered there since 1978. Bank of America Plaza at 333 S. Hope St. was purchased by investment firm Capital Group. The building also houses the firm’s headquarters. (Robert Gauthier / Los Angeles Times) The move to buy the building at a substantial discount to its previous value is part of a pattern of well-heeled tenants deciding to become owners instead of renters in recent years as office property values plunged due to the pandemic and a shift to remote work for many companies. “We knew the best landlord we could possibly have would be ourselves,” said Capital Group Chief Executive Mike Gitlin when the sale was first announced in April.Bank of America Plaza’s previous owner, Brookfield Properties, defaulted on a $400 million loan a...