Aon Center in downtown L.A. sold to Shorenstein
Aon Center in downtown Los Angeles, one of the largest office buildings in the state, has been purchased by San Francisco real estate company Shorenstein Properties.
The 62-story tower at 707 Wilshire Blvd. was completed in 1974 and was the tallest building in Los Angeles for many years. It contains more than 1.1 million square feet of space for rent, but is only 59% leased, Shorenstein said.
Financial terms of the sale, which included an adjacent parking structure, were not disclosed by Shorenstein or seller Beacon Capital Partners.
Downtown real estate experts who are familiar with the deal but unauthorized to speak about it publicly said Shorenstein paid $245 to $250 per square foot, or more than $270 million.
Beacon paid $330 million for the skyscraper in 2007, according to real estate data provider CoStar Group.
The largest tenant in the building is insurance company Aon Corp. Oil and gas company Breitburn Energy Partners is scheduled to move into nearly 39,000 square feet at Aon Center next month, CoStar said.