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LA’s Third-Tallest Tower Sells for 45% Below 2014 Price
Aon Center, the third-tallest tower in Los Angeles, has sold for $147.8 million — about 45% less than its last purchase price in 2014 — as office values continue to suffer from high vacancies and financing costs. The sale is the largest office deal this year in downtown Los Angeles, which has been among the hardest-hit US office markets since the pandemic as remote work becomes more popular and escalating interest rates drive down values, wiping out owners’ equity. “With a new low basis and a well-capitalized owner, Aon Center will be competitively positioned to attract and retain tenants who desire a ... (full story)