Newmark's Sky-High Success: Arranges $153.5M Sale Of Aon Center, Downtown Los Angeles

Newmark Group -0.96%

Newmark Group

NMRK

10.27

-0.96%

Newmark Group Inc (NASDAQ:NMRK) said it arranged the sale of Aon Center, a 62-story trophy Class A office tower located in Downtown Los Angeles.

The asset sold to Carolwood Equities for $153.5 million, marketing the largest Q4 2023 office sale in Western U.S., as per the company.

"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," said Newmark Co-Head, U.S. Capital Markets Kevin Shannon.

At the time of sale, the property was 64% leased to a diverse roster of tenants, with strong national and regional credit profiles and no single tenant occupying over 7% of the building (net rentable area).

"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," added Shannon.

Price Action: NMRK shares are trading lower by 0.23% at $11.03 on the last check Friday. 

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