LOS ANGELES — Shorenstein Properties LLC has purchased the 62-story Aon Center office tower in downtown Los Angeles. The purchase price was undisclosed, but the Los Angeles Times lists the price at more than $270 million, or approximately $245 to $250 per square foot.
Shorenstein purchased the 1.1 million-square-foot building, located at 707 Wilshire Blvd., from an affiliate of Beacon Capital Partners LLC. The sale includes an adjacent parking structure at 637 Wilshire.
Shorenstein made the purchase through its 10th real estate investment fund, which was formed in 2010. The fund has $1.2 billion in capital commitments from various investors.
Aon Center is currently 59 percent leased. Aon Corp., a British insurance company, is the building’s anchor tenant. Beacon Capital Partners purchased the property in 2007 and subsequently completed $15 million in building renovations, according to Los Angeles Downtown News.
The tower is the second tallest building in both Los Angeles and California, and was completed in 1974.
Shorenstein Properties is a privately owned real estate firm active in the ownership and management of office properties with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored 10 closed-end investment funds with equity commitments of $6.7 billion, of which Shorenstein committed $573.5 million.
Last month Shorenstein completed the purchase of Champion Station, a four-building office campus in San Jose, Calif., the heart of Silicon Valley.
— Scott Reid