Neither of the parties disclosed details of the transaction Friday, but sources familiar with the deal confirmed the $270-million price for the near 1.4-million-sf property.
BP Plaza, built in 1974, is more than 90% occupied. Among its major tenants are the law firm of Sheppard, Mullin, Richter & Hampton and the Capital Group Inc., a diversified financial services and investment management firm.
Buyer Beacon Capital is based in Boston and has a regional office in Los Angeles. The company was founded in 1998 with an initial $420-million private stock offering by executives of Beacon Properties Corp., a publicly traded office REIT that merged with Equity Office Properties Trust in 1997.
Seller Metropolitan Life was represented by Richard Plummer and David Hasbrouch of Cushman & Wakefield.
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