In a significant post-pandemic deal, Colliers successfully arranged the acquisition of Aon Center, a 1.1-million-square-foot office tower located at 707 Wilshire Blvd. in Downtown Los Angeles for $147.8 million on behalf of Carolwood LP and owners Daniel Abrams and Adam Tischer. This transaction marks the largest office sale in DTLA this year and is also the only tower to trade over one million square feet since 2020.
Colliers’ Vice Chair of West Region Capital Markets, Sean Fulp, along with Senior Vice President Tischer expertly facilitated this acquisition through lender-facilitated sale services for the buyer advisory team. The seller, Shorenstein Properties was represented by Kevin Shannon from Newmark.
According to Fulp, “The ownership group’s purchase of Aon Center showcases private capital flowing into Los Angeles as they take advantage of market disruption.” With a new low basis and well-capitalized owner at its helm now; Aon Center will be highly sought after by tenants looking for an amenity-rich skyline tower situated in downtown LA’s heart.
As reported by Bloomberg News , this deal equates to approximately $134 per square foot; making it DTLA’s most expensive office property sold since March when Union Bank building was acquired for $104 million or about $150 per square foot.
Bloomberg further stated that Shorenstein had purchased this iconic 62-story skyscraper back in 2014 paying around $268.5 million.
BREAKING NEWS: Largest Office Sale Recorded In Downtown LA As Iconic Aon Center Trades Hands
In an unprecedented move post-pandemic era amidst market dislocation opportunities created due to COVID-19 pandemic effects on commercial real estate sector across US cities including California’s prime business hub -Los Angeles (LA), Colliers has successfully orchestrated record-breaking transaction worth whopping sum totaling up-to staggering USD$147 Million for Aon Center, a 1.1-million-square-foot office tower situated at 707 Wilshire Blvd. in Downtown Los Angeles on behalf of Carolwood LP and owners Daniel Abrams and Adam Tischer.
This transaction is not only the largest recorded office sale in DTLA this year but also the sole tower to have traded over one million square feet since last year i.e.,2020.
Colliers’ Vice Chair of West Region Capital Markets, Sean Fulp along with Senior Vice President Tischer played instrumental role as expert brokers who facilitated this acquisition through lender-facilitated sale services for buyer advisory team while seller Shorenstein Properties was represented by Kevin Shannon from Newmark.
According to Fulp’s statement “The ownership group’s acquisition of iconic Aon Center exemplifies private capital inflow into Los Angeles seizing market disruption opportunities.” With new low basis coupled with well-capitalized owner taking control; Aon Center will be highly sought after by tenants looking for amenity-rich skyline tower located at prime downtown LA location.”
As reported by Bloomberg News ,this deal equates to approximately $134 per square foot which makes it most expensive DTLA office property sold since March when Union Bank building was acquired for USD$104 Million or about $150 per sq ft .
Bloomberg further stated that Shorenstein had purchased this iconic 62-story skyscraper back in 2014 paying around USD$268.5 Million .
