The Aon Center, one of the tallest buildings gracing the Los Angeles skyline, has been sold to Carolwood Equities for a hefty $153.5 million, as confirmed by Newmark Group, Inc., a prominent commercial real estate adviser. The deal closed in the final quarter of 2023, marking it as the largest office sale in the Western United States during this period. The 62-story Class A office tower sits right in the thick of the Financial District at 707 Wilshire Boulevard and boasts over 1.1 million square feet of space.
The impressive structure was 64% leased at the time of sale, hosting tenants from strong national and regional backgrounds such as Aon and Morrison & Foerster. In terms of lease distribution, the building maintains a diverse income, with no single tenant occupying more than 7% of the net rentable area, Newmark shared in a statement obtained by markets.businessinsider.com.
According to a statement by Newmark Co-Head, U.S. Capital Markets Kevin Shannon, the sale emerged from a global marketing process that drew considerable attention, with "more than 119,000 principals, generating 156 confidentiality agreements, 26 property tours and 18 offers." Newmark played a central role, not only in this transaction but also significantly influenced three out of the four largest office sales in Los Angeles County this year, which included the sales of Union Bank Tower, 801 Grand, and 444 Flower.
