Trizec Properties to Acquire Downtown L.A. Office Building

CHICAGO — Trizec Properties Inc. has reached an agreement to acquire Bank of America Plaza (formerly BP Plaza) in Los Angeles for approximately $440 million. The seller is South Hope Street LLC. The completion of the transaction is expected to occur during the third quarter, and remains subject to the satisfaction of customary closing conditions.

Bank of America Plaza is a 55-story, 1.4 million-sq.-ft., Class A office building on a 4.2-acre site in the Bunker Hill area of downtown Los Angeles. The building features a visually stunning entrance lobby with a soaring hardwood ceiling, polished granite floors and flame-finished granite walls. The property has formal outdoor gardens and a nine-level parking garage with about 2,200 spaces.

Bank of America Plaza is currently approximately 91 percent leased. Major tenants include Bank of America; Capital Group; BP; CAP-MPT; Wells Fargo Bank; and Sheppard, Mullin, Richter & Hampton LLC.

Headquartered in Chicago, Trizec Properties is one of the largest owners and operators of commercial office properties in the United States. The company has ownership interests in and manages a portfolio of 62 office properties totaling approximately 42 million sq. ft., concentrated in the metropolitan areas of seven major U.S. cities.