Bank headquarters sold for $50 million

A private investment firm has bought the Newport Beach headquarters of the shuttered Downey Savings and Loan for $50 million, according to a news release.

The two, six-story red granite towers known as the Bayview Corporate Center are at the intersection of Jamboree Road, MacArthur Boulevard and the 73 Freeway.

Federal regulators seized Downey in November 2008 because of the thrift’s massive losses from millions of dollars in bad loans.

Salt Lake City-based investor S.K. Hart Properties bought the property from the Federal Deposit Insurance Corp.

— Brianna Bailey