SAN DIEGO-The Bank of America Tower, a 20-story building in downtown San Diego has been acquired by Sumitomo Corporation of America for $73 million. The deal closed on Nov. 20. 

The building, at 450 B. St., changed hands in December 2011, when BBL Inc. of San Diego and Westbrook Partners of New York paid about $60 millionfor it.

The office tower was built in1981 and renovated in 2009 and sits on over 1.22 acres of land. The property includes 290,000 square-feet of office space which is currently 81% occupied with the major tenants being Bank of America and the County of San Diego. It is walking distance to the historical Gaslamp Quarter, Petco Park, and San Diego Bay and minutes from San Diego International Airport. The deal closed on Nov. 20.

“As we work toward our goal of expanding our U.S. real estate investments in the next several years, this acquisition in San Diego helps us maintain our diverse portfolio of commercial office buildings across the country,” stated Tomonori Wada, SVP of SCOA. “This was an attractive investment because the San Diego market has great future potential and demographics show a city which expects stable growth in employment with a limited supply of office space.”

Sumitomo Corporation of Japan has more than 30 years of real estate investment and development experience in the U.S. and additional investments outside Japan including Indonesia, China, Thailand, Singapore, UK and Brazil.