LOS ANGELES—San Francisco investment firm Shorenstein has entered into an agreement to purchase the Aon Center for $270 million from Beacon Capital Partners. Located at 707 Wilshire Blvd. in Downtown Los Angeles, the property is a 1.1-million-square-foot, 62-story office building and one of the skyscrapers in the L.A. skyline.
Beacon Capital Partners purchased the property in October 2007 for $327 million and invested an additional $14 million in renovations, according to industry sources unrelated to the deal. Eastdil Secured represented the seller in the transaction, and had been marketing the property since May of this year.
Although Shorenstein did not respond to a request for comment before the publication of this article, the investment firm has been scooping office properties throughout the nation that are well located and have a solid income. This month, the firm also purchased a three-asset portfolio in Minneapolis for $103 million. Similarly, the portfolio has 1.1 million square feet of office space. The Aon Center presents similar qualities, including a superb location and strong income, with the opportunity to add value.
We will update this story with more information as it becomes available.