Capital Group Acquires Distressed Bank of America Plaza in Downtown LA for $210M

The acquisition price of approximately $210 million compares with a recent appraisal of $212.5 million and a 2016 appraisal of $605 million, reflecting the severe repricing of downtown Los Angeles office assets over the past decade. Capital Group's decision to buy the building it occupies is a practical owner-user move that converts a lease liability into a real estate asset while securing its long-term headquarters footprint. The $150 per square foot price point is well below replacement cost for a Class A high-rise, illustrating the depth of distress in the DTLA office market.