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12/26/23
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Aon Center, a 1.1 msf office tower at 707 Wilshire Blvd in downtown Los Angeles, traded hands in a $147.8 mil transaction. The deal, which works out to about $134/sf, is the largest post-pandemic office sale in downtown Los Angeles and the only tower over 1 msf to trade since 2020.
The high-rise was purchased by Carolwood LP, Daniel Abrams, and Adam Tischer. Colliers brokers Sean Fulp, Vice Chair of West Region Capital Markets, and Adam Tischer, Senior Vice President, assembled the ownership group and provided buyer advisory services throughout the acquisition via a lender-facilitated sale.
With exceptional amenities and a rich history, Aon Center stands as the third largest office tower in Los Angeles, featuring a modern 62-story layout. The iconic property occupies two-thirds of a city block between Wilshire Boulevard and West 6th St along South Hope St in the Financial District. It boasts unobstructed views, state-of-the-art conference facilities, a premier fitness center, a stunning three-story lobby, and convenient access to a wealth of surrounding amenities.
"The ownership group's acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation," said Fulp. "With a new low basis and a well-capitalized owner, Aon Center will be competitively positioned to attract and retain tenants who desire a well-amenitized skyline tower in the heart of downtown Los Angeles."
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