Newmark Group Inc
NMRK reported its role in orchestrating the sale of Aon Center, a 62-story trophy Class A office tower situated in Downtown Los Angeles.
The property was acquired by Carolwood Equities for a staggering $153.5 million, marking it as the most significant office sale in the Western U.S. during the final quarter of 2023, according to the company’s announcement.
“As the exclusive sales broker, Newmark conducted an extensive global marketing campaign for Aon Center, reaching over 119,000 principals, resulting in 156 confidentiality agreements, 26 property tours, and 18 offers,” stated Kevin Shannon, Co-Head of U.S. Capital Markets at Newmark.
At the time of the sale, the property boasted a 64% occupancy rate with a diverse tenant base featuring strong national and regional credit profiles, without any single tenant occupying more than 7% of the building’s net rentable area.
“With four out of the last five sales in the market, namely Union Bank Tower, 801 Grand, 444 Flower, and now Aon Center, our team has unparalleled insight into the unique audience of predominantly family office buyers for Downtown Los Angeles. The buyer of Aon Center had actually been a backup buyer for our 801 Grand process earlier in the year,” Shannon added.
Price Action: NMRK shares are trading lower by 0.23% at $11.03 as of the latest check on Friday.
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