The historic Pacific Mutual Building in downtown...

The historic Pacific Mutual Building in downtown Los Angeles was sold for more than $80 million to PacTel Properties in Irvine, a unit of Pacific Telesis. The property was sold by Copley-Pacific Associates Ltd., a partnership of Westgroup Partners and Copley Real Estate Advisors. Westgroup will continue to manage the property, which includes a 12-story office tower, a six-story office building and a four-story office building. The buildings were constructed between 1908 and 1926 as the headquarters for the Pacific Mutual Life Insurance Co. after the 1906 earthquake destroyed the firm’s headquarters in San Francisco. Pacific Mutual is now based in Newport Beach.