Newmark Group, Inc., a commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged the sale of Aon Center, a 62-story trophy Class A office tower located in the heart of the Financial District in Downtown Los Angeles. The asset sold to Carolwood Equities for $153.5 million, marketing the largest2 Q4 2023 office sale in Western U.S.3.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein represented the undisclosed seller. Newmark Vice Chairman David Milestone facilitated debt financing. The team was involved in two of the three biggest4 office sales that occurred in Los Angeles County this year.
“As the exclusive sales broker, Newmark ran a broad global marketing process for Aon Center, which included exposure to more than 119,000 principals, generating 156 confidentiality agreements, 26 property tours and 18 offers,” said Shannon in a statement. “Having sold four of the last five sales in the market, including Union Bank Tower, 801 Grand, 444 Flower and now Aon Center, our team has an unmatched pulse on the unique audience of predominately family office buyers for Downtown Los Angeles. The buyer of Aon Center actually was a backup buyer for our 801 Grand process earlier in the year.”
Located at 707 Wilshire Boulevard, Aon Center comprises over 1.1 million square feet, offering views of the Los Angeles basin. Extensively renovated in 2020, the property features a three-story architectural lobby and a variety of tenant amenities, including training rooms, a fitness center, an on-site coffee shop, a bank and EV charging stations. As the third tallest building in Los Angeles and the fourth tallest in California, the 62-story Aon Center is instantly recognizable as one of the landmarks of the Downtown Los Angeles skyline.
Aon Center was 64% leased at the time of sale to a diverse roster of tenants with strong national and regional credit profiles, including Aon and Morrison & Foerster. No single tenant occupies more than 7% of the building (net rentable area), providing an investor diversity of income.
Situated in Downtown’s Financial District, the property has a walk score of 99 and a transit score of 100. Aon Center provides immediate Metro access and is surrounded by world-class walkable amenities such as Crypto.com Arena and LA Live.
