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Downtown BofA building sells for $73 million

The 283,786-square-foot Bank of America building at 450 B St. has been sold for $73 million -- well outperforming the $60.15 million the asset garnered late in the fall of 2011.

The buyer of the 1982-vintage, 20-story property was TKOS 1 LLC, a Delaware limited liability company of Sumitomo Corp.

The seller was a joint venture of Westbrook Partners of New York City and San Diego-based BBL Inc., formerly BCL Inc. BBL stands for the current partners Steve Bollert, along with principal founding partners Casey Brown and Paul LeBeau.

The CoStar Group tallied 54,940 square feet of rentable space, translating into a vacancy rate of about 17.6 percent.

Along with Bank of America (NYSE: BAC), major tenants in the building include the San Diego County Public Defender's office, which occupies 57,625 square feet; and insurance firm Cavignac & Associates, which occupies 14,401 square feet in the building, according to CoStar.

The building, which serves as a regional headquarters for BofA, includes a two-story bank branch and a three-level subterranean garage that can accommodate 383 vehicles. The site consists of 1.22 acres.

The property, which was completely renovated in 2008, won The Office Building of the Year (TOBY) award for that renovation work in January 2010. A 1,120-square-foot expansion of the main lobby included a new “glass curtain” wall system and raised ceilings.

The 283,786-square-foot Bank of America building at 450 B St. has been sold for $73 million. Photo by CoStar Group

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Bank of America

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450 B St.
San Diego, CA 92101

Bank of America Executive(s):

Rick Bregman

  • Market President