Newmark arranges sale of Aon Center in LA

Newmark Group Inc, a commercial real estate adviser and service provider to institutional investors, global corporations and other owners and occupiers, said that it had arranged the sale of Aon Center, a 62-storey trophy Class A office tower situated in the Financial District in Downtown Los Angeles.

The property was sold to Carolwood Equities for $153.5 million.

Newmark Co-Head, US 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 seller, which remained undisclosed.

Located at 707 Wilshire Boulevard, Aon Center is comprised of more than 1.1 million square feet and features a three-storey architectural lobby and a range of tenant amenities, including training rooms, a fitness center, an on-site coffee shop, a bank and EV charging stations.

“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,” Kevin Shannon was quoted as saying in a press release.

“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.”