San Diego Business Journal

Bank of America Tower Sold for $60 Million

Monday, December 19, 2011

The downtown San Diego building at 450 B St., known locally as the Bank of America Tower, has been sold for $60.15 million dollars.

According to CoStar Group, the transaction closed Dec. 6. The buyer was San Diego-based BCL Inc., and the seller was One San Diego Associates, a California limited partnership.

The 277,000-square-foot tower, built on 1.2 acres in 1981, houses a two-story bank branch and regional headquarters of Bank of America. CoStar notes that other tenants include the San Diego County Office of the Public Defender, Douglas Wilson Cos. and The Epler Co.

The transaction included the transfer of the building’s ground lease. The buyer financed the purchase with a down payment of $19.6 million and a $40.5 million loan from Wells Fargo Bank, according to CoStar.

— Lou Hirsh