CBRE Global buys Bunker Hill high-rise for estimated $236 million
A high-rise office building on Bunker Hill in downtown Los Angeles has been acquired by CBRE Global Investors, an affiliate of L.A. real estate brokerage CBRE Group Inc.
CBRE Global bought 400 S. Hope St., a 26-story tower at the southeast corner of Hope and 4th streets. The price of the sale by New York investors Tishman Speyer and BlackRock Inc. was not disclosed, but downtown real estate experts familiar with the property valued it at $236 million.
The 700,000-square-foot building was completed in 1982 to be the headquarters of law firm O’Melveny and Myers. It was more recently known as Mellon Bank Center. The law firm and the bank are still tenants in the building, which is about 80% occupied.
The new owners intend to improve the building and find additional tenants, real estate broker Kevin Shannon of CBRE Group said. The addition of a high-end restaurant will be among the improvements.
“Their goal is add value and stabilize the asset,†Shannon said.
Downtown is growing in popularity for tenants as the area’s residential renaissance brings new restaurants and other businesses to the financial core.
“The desire for the central business district is very much stronger than it was a year or two ago,†he said.
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