Newmark Group Inc. (NASDAQ: NMRK) announced that it arranged the $153.5 million sale of Aon Center, a 62-story trophy Class A office tower located in the Los Angeles’ Financial District. The property was acquired by Carolwood Equities while the seller was undisclosed.
The Aon Center is comprised of over 1.1 million square feet and is the third tallest building in Los Angeles and the fourth tallest in California. The property is 64% leased and no single tenant occupies more than 7% of the building.
“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 Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon. “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.”
Photo by CookieMonster755 / Wikimedia Commons