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Bank of America Plaza (Los Angeles)
Bank of America Plaza (Los Angeles)
Bank of America Plaza (Los Angeles)
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Bank of America Plaza, formerly Security Pacific Plaza, is a 55-story, 224.03 m (735.0 ft) class-A office skyscraper on Bunker Hill, Los Angeles, California. It was completed in 1974 with the headquarters of Security Pacific National Bank, Capital Group Companies and Sheppard, Mullin, Richter & Hampton as its main tenants. The tower is the fifth tallest building in Los Angeles, and the 92nd-tallest building in the United States. In 2009 it had the highest assessed value of any office building in Los Angeles County. When it was constructed, Security Pacific Plaza was unique for Downtown Los Angeles, in that its four sides each faced true north, south, east and west. It has a total of 64 floors, 55 above ground and 9 basements, served by 30 elevators.[7]

Key Information

From when it opened in 1974 until 1992, it bore the Security Pacific Bank logo. This logo was removed when Bank of America acquired Security Pacific Bank. Featured in several motion pictures, such as being used as the fictional headquarters for Mattel in the film Barbie. Its plaza area was also filmed as that of the adjacent "Peerless Building" to the Glass Tower in The Towering Inferno (which was set in San Francisco), as well as the lawyer's office in the film Pretty Woman, and as Tex Richman's office headquarters in The Muppets. The tower was also used in establishing shots as the headquarters for the fictional company Denver-Carrington in the 1991 prime time soap opera Dynasty. The epilogue of Night of the Comet was filmed in the plaza, the tower having been prominently in the background of numerous scenes earlier in the film.

The building site is situated on 4.21 acres (1.70 ha) that features a formal garden with over 200 trees and three 24 ft (7.3 m) waterfalls. In front of the main entrance is the 42-foot (13 m) "Four Arches" sculpture by Alexander Calder.[8]

See also

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References

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Bank of America Plaza (Los Angeles)

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The Plaza is a 55-story Class A located at 333 South Hope Street on Bunker Hill in , . Completed in 1974 and originally known as Security Pacific Plaza, the building rises 735 feet (224 meters) to its roof, making it the eighth-tallest structure in . Designed by the A.C. Martin Partners, it exemplifies modernist design with a unique square form rotated 45 degrees and clad in light granite piers that create a monolithic appearance. The plaza features a bi-level public garden inspired by Le Corbusier's "tower in the park" concept, including over 100 trees, three 24-foot waterfalls, semi-circular fountains, and notable such as Alexander Calder's 63-foot "Four Arches" sculpture. The building encompasses approximately 1.6 million square feet of space, including office areas, retail, a branch bank, an auditorium, and underground parking for 2,128 vehicles, serving an estimated 8,000 occupants. Formerly the world headquarters of , the tower was renamed after Bank of America's acquisition and has since earned LEED-EB Operations & Maintenance Gold certification for its sustainable features, such as energy-efficient systems and green landscaping. As one of the first high-rises developed on Bunker Hill during Los Angeles's in the 1970s, it remains a key landmark in the city's , owned and managed by .

History

Planning and Construction

The development of the Bank of America Plaza, originally known as Security Pacific Plaza, was deeply intertwined with the initiatives on Bunker Hill in . The site, spanning 4.21 acres on the western edge of the hill between Hope and Flower Streets, was selected as part of the Community Redevelopment Agency's (CRA) ambitious Bunker Hill Redevelopment Project, approved in 1959 to combat perceived urban blight and transform the former residential neighborhood into a commercial hub. This effort involved extensive land assembly and regrading of the hilly terrain, displacing approximately 7,300 residents to make way for high-rise office developments, with the plaza's parcel designated for a flagship corporate tower to anchor the area's revitalization. Key developers included the CRA, which facilitated site acquisition through and partnerships, and Security Pacific National Bank, which served as the primary private stakeholder and future for its . Funding combined public resources from federal grants under the Housing and Home Finance Agency—covering about two-thirds of the CRA's $29 million net costs for land preparation—with private investment from Security Pacific, estimated to contribute significantly to the project's overall $250 million public-private commitment by the early 1970s. , enabled by California's Proposition 18 in 1952, further supported the initiative by redirecting future property tax revenues to redevelopment efforts. Construction commenced in 1972 under the general contracting of Company, with the 55-story tower and surrounding plaza reaching completion in 1974 after a two-year build period that aligned with the accelerated pace of Bunker Hill's transformation. The project faced challenges in urban integration, particularly adapting the large site to the regraded landscape, which required innovative foundation work to stabilize the structure on the altered topography and incorporate a subterranean beneath the formal garden plaza. Economic pressures, including a mild and coordination delays between public agencies and private builders, extended planning timelines but did not halt progress on this key component of the renewal.

Opening and Early Years

The Plaza, originally known as Security Pacific Plaza, was completed in 1974 after construction began in 1972, marking the opening of a major new office complex in . It served as the new headquarters for Security Pacific National Bank, accommodating 8,000 employees across approximately 1 million square feet of space dedicated to the institution. The building's inauguration highlighted the bank's commitment to a prominent presence in the city's , with initial occupancy reflecting the era's optimism for urban growth. Among the original anchor tenants were the and the law firm Sheppard, Mullin, Richter & Hampton, which together with Security Pacific filled much of the 1.4 million square feet of leasable office area in the 55-story tower. These occupants established the plaza as an immediate center for , , and legal services, drawing professionals to the Bunker Hill area and fostering a concentration of white-collar activity. The integration of such key players underscored the building's role in attracting corporate relocations to downtown. From its opening through the 1970s and 1980s, the plaza stood as one of Los Angeles's largest skyscrapers, exemplifying the mid-decade boom in high-rise development and contributing to the evolving . As part of the broader Bunker Hill initiative, it symbolized the transformation of the once-residential hilltop into a modern commercial enclave, with its landscaped plaza and monumental presence enhancing the neighborhood's appeal as a revitalized hub. This positioning helped anchor financial operations in the area, supporting downtown's shift toward corporate and institutional dominance.

Ownership Transitions

In 1992, Bank of America acquired Security Pacific National Bank in a $4 billion merger, inheriting ownership of the building then known as Security Pacific Plaza and prompting its renaming to Bank of America Plaza, along with the removal of the original Security Pacific logo from the facade. The property changed hands several times in the following years. In July 2004, Trizec Properties purchased it for a record $440 million from a joint venture that included Bank of America, marking the highest price per square foot for a Los Angeles office building at the time. In 2006, Brookfield Properties acquired Trizec Properties in a $8.9 billion joint venture with Blackstone Group, thereby gaining control of Bank of America Plaza; Brookfield has since served as both owner and manager. Under Brookfield's stewardship, the building underwent significant renovations in to update its infrastructure and amenities, enhancing its appeal in the competitive office market. In 2024, the plaza's appraised value plummeted by 69% to $188.9 million from $605 million a decade earlier, reflecting broader challenges in ' office sector such as trends and persistent high vacancy rates exceeding 30%. As of 2025, the property is in default on $400 million in debt, with lenders seeking , and major tenant Oaktree Capital Management announced plans to relocate its headquarters from the building. Brookfield has also proposed adding a 34-story residential tower to the site at the corner of 4th and Hope Streets. Brookfield has implemented various management practices focused on and environmental responsibility, including LED lighting retrofits in stairwells, loading docks, and garages to reduce , as well as participation in demand-response programs that saved over 22,000 kWh across its properties in 2023. The firm has also installed EV charging stations in the building's garage, offering subsidized rates to encourage sustainable transportation among tenants and visitors.

Architecture

Design and Architects

The Bank of America Plaza in was designed by the architectural firm A.C. Martin & Associates, known for their work on several prominent modernist structures in the city. The firm's approach emphasized a clean, vertical form that embodies the , characterized by its emphasis on simplicity, functionality, and the use of modern materials like glass and steel framed by stone. This style draws inspiration from Le Corbusier's "tower in the park" concept, integrating the high-rise tower within a landscaped setting to create a sense of openness amid urban density. A defining feature of the design is its square footprint, rotated at a 45-degree angle to the surrounding street grid, ensuring that each of the four facades faces , south, east, and west. This orientation optimizes natural light distribution and provides balanced views in all directions, a novel approach for at the time of construction. The tower's exterior is clad in light granite, with tall, monolithic vertical piers that accentuate its upward thrust and impart a sense of solidity and monumentality, contrasting with the more rectilinear forms typical of the era. As one of the earliest high-rises developed under the Bunker Hill initiative, the plaza's design aimed to establish a that revitalized the area, aligning with broader efforts to transform the historic neighborhood into a modern business district while respecting the underlying urban grid through its angled positioning.

Building Specifications

The Bank of America Plaza stands at a of 224 meters (735 feet) to the roof, making it one of the prominent skyscrapers in . The structure comprises 55 above-ground floors and 9 basement levels, totaling 64 stories. It offers a total of approximately 1.6 million square feet (149,000 square meters), providing extensive across its levels. The building is equipped with 30 elevators to facilitate vertical transportation throughout its height. Its exterior features a facade with vertical piers that contribute to both durability and a monolithic aesthetic, while the core structure utilizes columns and slabs. Following renovations completed around 2009, the plaza achieved Gold certification under the Existing Buildings Operations and Maintenance rating system in 2010, incorporating upgrades that enhance energy efficiency through features like optimized solar control for reduced heating, cooling, and lighting demands.

Site and Surroundings

Landscape Design

The 3.5-acre public plaza at Plaza in is constructed atop a submerged , providing an elevated green space integrated with the surrounding urban fabric. Designed by Peter Walker, the plaza employs a symmetrical and geometrical composition, drawing inspiration from indigenous Mexican and colonial Spanish precedents to foster a sense of order and tranquility. This layout divides the space into four raised quadrants, creating formal gardens that serve as a serene urban oasis amid the density of . Key landscape elements include over 200 trees, such as evergreen , , , orange, and ornamental varieties, planted in orchard-like grids and culminating in a central ring formation. Water features enhance the contemplative atmosphere, with linear channels equipped with water jets that converge into a 100-foot-diameter central well, complemented by three 24-foot waterfalls at the plaza's heart. Half-circular fountains at the four corners further animate the space, while a 24-foot sunken lined with palms and ferns adds depth and seclusion, visible from adjacent building interiors. Open to the public since its completion in 1974, the plaza functions as a vital gathering space in Bunker Hill, offering respite for office workers, visitors, and residents while promoting accessibility through its pedestrian-friendly design. In recent years, the plaza and lobby underwent renovations to improve pedestrian connectivity and modernize the entry experience.

Notable Artworks

One of the most prominent artistic features at Plaza is "Four Arches," a monumental stabile created by renowned American sculptor in 1973. This large-scale abstract , constructed from , bolts, and paint, measures 45 feet in height and 63 feet in width, featuring four curved, arch-like forms that evoke dynamic movement. Installed in 1974 upon the building's completion, it was commissioned by the Redevelopment Agency as part of a initiative to enhance urban spaces during the Bunker Hill redevelopment. Positioned in the open plaza directly in front of the tower's main entrance at 333 South Hope Street, "Four Arches" serves to frame sightlines toward the surrounding while integrating modernist with the corporate of the site. Its vibrant red-orange hue and bold, curving lines were designed in collaboration with the building's architects, A.C. Martin & Associates, to add cultural and visual depth to the otherwise utilitarian plaza environment. Calder developed the work using site models and drawings, ensuring its scale harmonized with the 55-story tower and contributed to the area's transformation into a vibrant hub. No other major sculptures or murals from the original 1970s design have been prominently documented at the plaza, with "Four Arches" remaining the focal point of the site's artistic identity. The sculpture is owned and maintained by , the current property manager, underscoring its enduring role in Los Angeles's landscape.

Tenants and Operations

Historical Tenants

Upon its completion in 1974, the building, then known as Security Pacific Plaza, served primarily as the headquarters for Security Pacific National Bank, which occupied approximately one million square feet and housed about 8,000 employees. Other anchor tenants included the law firm Sheppard, Mullin, Richter & Hampton, which relocated its headquarters to five floors in the tower, and Atlantic Richfield Company (ARCO), a major oil firm. In 1978, Capital Group Companies joined as a significant tenant, leasing space in the skyscraper shortly after its opening and establishing a long-term presence focused on investment management. During the 1980s and early 2000s, the building saw several key leases and expansions that reinforced its status as a hub for . Sheppard, Mullin, Richter & Hampton expanded its footprint within the tower to accommodate growth, while renewed and extended its occupancy multiple times, solidifying the plaza's appeal to financial and legal entities. These developments contributed to steady demand, with the property maintaining its position as a premier Class-A office space amid ' commercial expansion. The 1992 merger of Security Pacific National Bank with marked a pivotal shift in the tenant composition, leading to the building's renaming as Bank of America Plaza. Although did not relocate its primary operations there, the consolidation freed up substantial space from the former Security Pacific headquarters, exacerbating a temporary glut in downtown office availability while attracting a wave of other firms to fill the void. This transition emphasized in the tenant mix, with investment and banking-related companies dominating the upper floors alongside enduring occupants like . Leading up to 2009, the plaza exhibited high utilization rates as a Class-A property, benefiting from its central location and prestige, which supported consistent occupancy even during broader market fluctuations in the 1990s and 2000s. In 2004, its sale for a record $465 million underscored the building's strong performance and appeal to institutional investors seeking stable, high-profile office assets.

Current Tenants and Occupancy

Bank of America remains the and namesake occupant of the plaza, operating a financial center on the ground floor at 333 S. Hope Street. This longstanding presence underscores the building's role as a hub for banking services in . Major current tenants include , which maintains its home office for investment management operations; the law firm Musick, Peeler & Garrett; management consulting firm ; real estate firm Cottonwood Management; and professional organization Cooperative of American Physicians, reflecting a focus on legal, financial, and sectors. The American Contemporary Ballet also occupies space, adding a cultural element to the tenant mix. Occupancy at Bank of America Plaza has declined in line with broader office market trends driven by remote work preferences following the , with the area's availability rate at 38% in the third quarter of 2024. The building was 79% leased as of July 2024 but was projected to drop below 70% by year-end due to the departure of major tenant Sheppard Mullin Richter & Hampton, which relocated its headquarters in early 2024 after signing a new lease in late 2023. This vacancy pressure, along with the transfer of the property's $400 million commercial mortgage-backed securities loan to special servicing in July 2024 amid repayment challenges, contributed to a 69% drop in the building's appraised value, from $605 million a decade earlier to $188.9 million as of 2024. By the third quarter of 2025, downtown vacancy rates had eased slightly to 33.3%, though availability remained elevated at 36.8% amid ongoing challenges. To attract and retain tenants, the property features modernized amenities introduced after a renovation and further enhanced through subsequent lobby upgrades, including Italian marble floors, high-end conference facilities, fitness centers, and landscaped outdoor spaces for collaboration. These updates aim to position the tower as an amenity-rich destination in a competitive market.

Significance

Economic and Urban Impact

The Bank of America Plaza played a pivotal role in the transformation of Bunker Hill from a declining residential enclave into a key business district in . As part of the city's ambitious project initiated in 1959 by the Community Redevelopment Agency, the 55-story tower—originally constructed as Security Pacific Plaza and completed in 1974—emerged as one of the area's earliest high-rise office developments, symbolizing the shift toward commercial and financial activity on the regraded hillside. This redevelopment leveled much of the historic Victorian neighborhood to accommodate modern skyscrapers, with the plaza's angular design and expansive public amenities helping to anchor Bunker Hill as a hub for and . At its peak, the building exemplified economic vitality, holding the highest assessed value of any office property in Los Angeles County in 2009 and generating significant that supported public services and . For instance, it contributed $7.56 million in property taxes in 2016 alone, while its 1.4 million square feet of Class A office space housed major tenants in finance, law, and consulting, fostering thousands of high-wage jobs and stimulating adjacent developments like the California Plaza complex. These factors not only bolstered local employment and fiscal resources but also catalyzed broader investment in Bunker Hill, enhancing the district's status as a financial center and drawing further corporate relocations to . In recent years, however, the plaza has encountered substantial challenges amid a slumping sector, with its appraised value plummeting 69% to $188.9 million in 2024 from $605 million a decade prior. This sharp decline, driven by post-pandemic trends and elevated interest rates, mirrors wider distress in ' commercial real estate market, where downtown vacancy rates climbed to 31.8% by late 2024 and contributed to an estimated $353 million shortfall in citywide collections from underutilized towers. The devaluation has ripple effects, pressuring lenders—such as the transfer of a $400 million to special servicing—and underscoring vulnerabilities in Bunker Hill's economy, potentially hindering revitalization efforts in the surrounding urban core.

Appearances in Media

The Bank of America Plaza in Los Angeles has been featured in various films and television productions, often representing corporate power or urban landmarks in the city's skyline. Its prominent location in Downtown Los Angeles and distinctive design make it a versatile backdrop for establishing shots and exterior scenes. In the 1990 romantic comedy Pretty Woman, the building's exterior served as the workplace of protagonist Edward Lewis, a wealthy businessman, highlighting its role as a symbol of high finance during key scenes of corporate intrigue. Similarly, in the 1984 science fiction horror film Night of the Comet, the plaza appears in the epilogue where survivor Regina takes photographs of children, and the tower looms in the background throughout several deserted urban sequences, underscoring the post-apocalyptic emptiness of Los Angeles. The building also provided establishing shots for the fictional Denver-Carrington oil company headquarters in multiple episodes of the 1980s prime-time soap opera Dynasty, including "The Search" (1983) and "The Will" (1982), evoking a sense of opulent business empires. More recently, the 2011 film utilized the tower as the headquarters for the antagonist Tex Richman, an oil tycoon, in scenes that contrast its sleek modernity with the film's whimsical tone. In the 2023 blockbuster , the plaza doubled as the exterior of headquarters, with its curving windows and Alexander Calder's Four Arches sculpture prominently featured in boardroom and entrance sequences, blending real Los Angeles architecture with the film's fantastical narrative. These appearances underscore the plaza's frequent use in media to symbolize Los Angeles' bustling corporate landscape, from 1980s excess to contemporary satire.

References

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