Transaction Marks Largest Q4 2023 Office Sale in Western
U.S.
LOS ANGELES ,
Dec. 29,
2023 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq:
NMRK) ("Newmark"1 or "the Company"), a leading
commercial real estate adviser and service provider to large
institutional investors, global corporations, and other owners and
occupiers, announces it has arranged the sale of Aon Center, a
62-story trophy Class A office tower located in the heart of the
Financial District in Downtown Los
Angeles. The asset sold to Carolwood Equities for
$153.5 million, marketing the
largest2 Q4 2023 office sale in Western
U.S.3.
Newmark Co-Head, U.S. 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
undisclosed seller. Newmark Vice
Chairman David Milestone facilitated debt financing. The team was
involved in two of the three biggest4 office sales
that occurred in Los Angeles
County this year.
"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 Shannon. "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."
Located at 707 Wilshire Boulevard, Aon Center is comprised of
over 1.1 million square feet, offering sprawling views of the
Los Angeles basin. Extensively
renovated in 2020, the property features a three-story
architectural lobby and a variety of tenant amenities, including
training rooms, a fitness center, an on-site coffee shop, a bank
and EV charging stations. As the third tallest building in
Los Angeles and the fourth tallest
in California, the 62-story Aon
Center is instantly recognizable as one of the iconic landmarks of
the Downtown Los Angeles
skyline.
Aon Center was 64% leased at the time of sale to a diverse
roster of tenants with strong national and regional credit
profiles, including Aon and Morrison & Foerster. No single
tenant occupies more than 7% of the building (net rentable area),
providing an investor diversity of income.
Situated in Downtown's Financial District, the property boasts a
walk score of 99 and a transit score of 100. Aon Center provides
immediate Metro access and is surrounded by world-class walkable
amenities such as Crypto.com Arena and LA Live.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the year ending December
31, 2022, Newmark generated revenues of approximately
$2.7 billion. As of September 30, 2023, Newmark's company-owned
offices, together with its business partners, operate from
approximately 170 offices with 7,400 professionals around the
world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
1 Dba Newmark Knight
Frank in California
2 By Sales Price, according to CoStar data
3 According to CoStar data
4 By Sales Price, according to CoStar data
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SOURCE Newmark Group, Inc.