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LOS ANGELES-Transwestern Investment Co. of Chicago has acquired the 62-story, 1.1 million-sf Aon Center at 707 Wilshire Blvd. Downtown from a subsidiary of Wells Fargo Bank.

Terms of the deal were not disclosed, but Transwestern is believed to have paid $120 million for the office tower, which it bought via its Aslan Realty Partners II institutional investment fund.

The deal constitutes a value-added opportunity combined with very strong tenants in place, including Wells Fargo and Aon, says Ed Ryder, a Transwestern SVP who notes that credit tenants Wells Fargo and Aon together represent more than 50% of the current occupied space in the building. Transwestern Commercial Services will be responsible for the day-to-day management of the property, with CB Richard Ellis to continue as the leasing agent for the office tower.

The seller, a wholly owned subsidiary of Wells Fargo Bank, had owned the office center in whole or in part since it was developed in 1973 by First Interstate and Equitable Life. Wells Fargo assumed ownership by acquiring First Interstate. Lend Lease, which formerly owned a 50% interest via its acquisition of Equitable, sold that interest to Wells Fargo in 2001. In the recent sale, Eastdil represented the seller, and Transwestern represented itself.

Erwin K. Aulis, chief investment officer for Transwestern Investment Co., says the acquisition is timed to benefit from the general recovery of the office market as well as in the continuing renaissance of Downtown L.A.

Transwestern Investment Co. has acquired more than $4 billion in assets throughout the US through its sponsored investment funds since its founding in 1996. In addition to 52 office properties totaling in excess of 11.8 million sf, its investments include a portfolio of 20 industrial flex properties totaling 3.5 million sf, seven apartment complexes totaling 2,800 units and eight retail properties. Its Aslan Realty Partners II is a $680 million equity fund.

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