Newmark Arranges Sale Of 1.1-Mln Sq. Ft. 62-story Aon Center In Downtown Los Angeles For $153.5 Mln

(RTTNews) - Newmark Group, Inc. (NMRK), a commercial real estate adviser and service provider, announced Friday 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 largest fourth-quarter 2023 office sale in Western U.S.

Located at 707 Wilshire Boulevard, Aon Center is comprised of over 1.1 million square feet, offering sprawling views of the Los Angeles basin. Extensively renovated in 2020, the 62-story Aon Center is the third tallest building in Los Angeles and the fourth tallest in California.

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.