Beacon Completes BP Plaza Purchase
Beacon Capital Partners completed its purchase of the 55-story BP Plaza in downtown Los Angeles for about $270 million in one of the region’s largest real estate deals this year.
Boston-based Beacon competed against 10 other bidders to buy the 1.4-million-square-foot complex at 333 S. Hope St. from Metropolitan Life Insurance Co. BP Plaza, completed in 1974, occupies a city block atop Bunker Hill. It is about 90% leased, according to CoStar Group Inc.
This is Beacon’s third major deal in the L.A.-area in the last year.
Metropolitan Life was represented by Cushman & Wakefield brokers Richard Plummer and Dave Hasbrouck.
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