LOS ANGELES—The Capital Group has signed a 323,000-square-foot office lease renewal with Brookfield Property Partners at the Bank of America Plaza in Downtown Los Angeles' Bunker Hill neighborhood. The lease has a 15-year term, and is expected to be one of the largest office leases signed in the downtown submarket this year.

“Bank of America Plaza has maintained its occupancy and prestigious tenant roster better than nearly any other building downtown over the past four decades,” Bert Dezzutti, EVP of the Western Region at Brookfield's office property division, tells GlobeSt.com. “Capital Group's selection of Bank of America Plaza and Downtown Los Angeles for its headquarters location is a big endorsement of our project and the downtown market.” The Capital Group has occupied space in the building for 40 years.

The Bank of America Plaza is a 55-story, 1.4-million-square-foot office tower in the heart of Bunker Hill. The property is currently 92% occupied. “This lease is extremely satisfying to our firm because it gives Brookfield the opportunity to create an environment and deliver services a blue chip company like the Capital Group requires,” says Dezzutti. “When you are in a successful business relationship as long as we have been with each other, it's more of a partnership than a lease. We are honored to have another opportunity to partner with the Capital Group.” John McRoskey, Frank Scott and Tony Morales of JLL represented the Capital Group in the transaction, while Brookfield represented itself with an in-house team of John Barganski, James Malone, Mark Phillips and Christina Schmidt.

The downtown market is hoping to see more office lease headlines in the near future. The Downtown Central Business Improvement District launched a program called Get Urban last month, which will help attract creative office users to set up shop downtown.