"Given that we are currently engaged in the repositioning of our portfolio to further concentrate on our core markets such as Los Angeles, this acquisition opportunity represents a perfect fit for us," said Tim Callahan, Trizec's president and chief executive, in a statement. "Along with our other downtown office complex, Ernst & Young Plaza, we will own 2.7 million sq. ft. in the central business district of Los Angeles."
The acquisition is expected to close in the third quarter of 2004. The 55-story Bank of America Plaza has 1.4 million sq. ft. of Class-A office space. The building is currently 91% leased.
Shares of Trizec (NYSE: TRZ) closed Monday at $17.34, up 45 cents, or 2.7%.