Capital Group, the world's largest active fund manager, is buying its current headquarters building in downtown Los Angeles as part of expansion plans that also include opening an office in Charlotte, North Carolina.
The closely held firm, which has called Los Angeles home since the 1930s, agreed to acquire 333 S. Hope St., known as Bank of America Plaza and one of the city's tallest buildings. Capital Group intends to consolidate its LA operations at the 55-story tower and eventually base more than 2,100 employees there, according to a statement Thursday.
"We knew the best landlord we could possibly have would be ourselves," Chief Executive Officer Mike Gitlin said in a phone interview. "The best way to ensure a great environment in downtown LA is to create what we're calling a vertical campus."
The company declined to comment on the purchase price for the building, which was last appraised in late 2024 for $212.5 million, down from $605 million 10 years before. The property, constructed in 1974 and renovated in 2009, was part of a massive portfolio acquired in 2013 by Brookfield on its way to becoming the largest office landlord in downtown LA.
"It was just this unique opportunity where the price was much lower than it had been historically, and it was for sale," Gitlin said.
The purchase also marks a commitment to the city where Capital Group was founded, coming at a time when its downtown is still struggling to recover from the pandemic office exodus. Many tenants turned to remote work and borrowing costs jumped, leading Brookfield to walk away from some of its LA properties at steep losses.
Capital Group, which manages more than $3 trillion, plans to renovate the tower and occupy roughly 20 floors, leasing out the rest of the space to other tenants. It'll eventually move employees from two other LA offices to the building.
The company is also developing a new office in Charlotte for roughly 500 to 700 workers in compliance, legal, technology and data, according to the statement. As part of the plans, the firm will close its office in Virginia's Hampton Roads area by the end of 2027, offering relocation and other support options to affected employees.
"This is not about headcount," Gitlin said, adding that the firm increased staffing in 2025 and probably will be at the same level or higher at the end of this fiscal year. The firm has seen net inflows of investor cash this year, and is "investing when we see others pulling back" in the industry, he said.
The private firm has been taking steps to increase its public presence and brand, sponsoring hot-air balloons, podcasts and posts on social media.
"We are going to spend more time and energy globally on brand," Gitlin said. As for whether the company will replace Bank of America's name atop the building with its own, he said, "we'll have to see."
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