Latest news with #KevinShannon
Los Angeles Times
08-08-2025
- Business
- Los Angeles Times
Santa Monica Office Building Trades for $40 Million
Newmark announced the $40-million sale of 501 Santa Monica Blvd., a seven-story, 78,500-square-foot office building and a four-level stand-alone parking structure in Downtown Santa Monica. The seller, Kilroy Realty Corp., was represented by Newmark's co-head of capital markets Kevin Shannon, vice chairmen Rob Hannan, Ken White, Laura Stumm, Michael Moll and director Alex Beaton. The property was acquired by Washington Capital, which was self-represented. 'Opportunities to acquire prime assets located in Downtown Santa Monica are few and far between,' said Shannon. 'The seller had owned this asset for almost 30 years, which is not an uncommon hold period for jewel box Santa Monica assets like 501 Santa Monica.' The creative, seven-story building was 65% leased at the time of the sale and features exposed concrete ceilings and ductwork, concrete floors, LEED Gold certification and 13-foot clear ceiling heights. It is located two blocks from the Metro E Line Station and has access to the I-10 freeway through 4th Street and to walkable amenities, including Third Street Promenade. Information for this article was sourced from Newmark.
Yahoo
05-06-2025
- Business
- Yahoo
Newmark Facilitates $210 Million Sale of Iconic Office Tower in Downtown Los Angeles' Financial District
LOS ANGELES, June 4, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the company has arranged the sale of 601 South Figueroa Street — also known as 601 Fig or Fig at Wilshire — a 1,041,315-square-foot high-rise office tower in Downtown Los Angeles. The asset sold for $210 million, equating to a price of approximately $202 per square foot. Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll and Director Alex Beaton represented the undisclosed seller. Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay worked alongside the aforementioned Newmark team. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday provided support on debt strategy and financing considerations throughout the transaction process. Mark Schuessler, Jordon Garcia and Sean Fulp of Colliers advised the buyer, Uncommon Developers. "601 Fig is one of LA's truly iconic office buildings at the renowned corner of Wilshire Boulevard and Figueroa," said Shannon. "This investment sale will provide long term upside for yet another patient and well-capitalized family office buyer." "Since its completion in 1990, 601 Fig has always had 'power business card' status in the city," added Hannan. "Standing in its majestic 75-foot lobby, you get the sense that you are in a special place, a place where a big deal is about to be made. Uncommon Developers will continue 601 Fig's reputation as one of LA's premier corporate environments." Located at the intersection of Figueroa Street and Wilshire Boulevard, Fig at Wilshire is a 52-story office tower with a distinctive octagonal design and glass crown, contributing to Downtown Los Angeles' skyline. The property offers a range of amenities, including dual lobbies with a 75-foot atrium, a modern fitness center, a WiFi-enabled open-air plaza and onsite dining options, including a coffee shop and fast-casual restaurant. At the time of sale, the building was 72% leased to tenants from diverse industries, with many representing strong national and regional credit profiles. Professional services firm PricewaterhouseCoopers (PwC) serves as the anchor tenant. The property's prime location provides easy access to key Downtown Los Angeles destinations, including Arena, Microsoft Theater, LA Live, Fig at 7th and the 7th Street Metro station, a central rail hub. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about Newmark Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
05-06-2025
- Business
- Business Times
Brookfield office tower in Los Angeles sells for 42% less than 2005 price
[LOS ANGELES] A unit of Brookfield sold an office tower in downtown Los Angeles (LA) for US$210 million, 42 per cent less than its purchase price in 2005. While the deal was at a deep discount, the price-per-square foot – about US$201 – topped other recent office sales downtown, according to Kevin Shannon, the Newmark Group broker who represented Brookfield. Those prices have been around US$150 or less per square foot, he said. 'I think the worst is behind us in downtown LA,' Shannon said. 'Going for over US$200 a foot is a step in the right direction.' The sale of 601 S Figueroa marks a continued exodus from downtown LA by Brookfield, which was the largest office landlord in the city centre until vacancies and defaults soared and prices plunged after the pandemic and the 2022 surge in interest rates. Colliers represented the buyer, Uncommon Developers, a closely held Los Angeles-based real estate investing firm that focuses on apartments and offices. The 52-storey building is 73 per cent leased. The total availability rate for downtown LA offices was 37.2 per cent in the first quarter, counting space currently for lease or sublease or with upcoming lease expirations, one of the highest rates of any US city centre, according to CBRE Group. The Brookfield-owned Bank of America Plaza in downtown Los Angeles was appraised at US$212.5 million last year, down 65 per cent from its 2014 valuation. The Gas Company Tower, another former Brookfield property, sold for US$200 million last year, down from a one-time US$630 million value. Brookfield bought 601 S Figueroa, also known as Figueroa at Wilshire, for US$360 million in 2005, data from CoStar Group show. Brookfield representatives did not immediately respond to a request for comment. BLOOMBERG
Bloomberg
04-06-2025
- Business
- Bloomberg
Brookfield Office Tower in LA Sells for 42% Less Than 2005 Price
A unit of Brookfield Corp. sold an office tower in downtown Los Angeles for $210 million, 42% less than its purchase price in 2005. While the deal was at a deep discount, the price-per-square foot — about $201 — topped other recent office sales downtown, according to Kevin Shannon, the Newmark Group Inc. broker who represented Brookfield. Those prices have been around $150 or less per square foot, he said.
Yahoo
04-06-2025
- Business
- Yahoo
Newmark Facilitates $210 Million Sale of Iconic Office Tower in Downtown Los Angeles' Financial District
LOS ANGELES, June 4, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the company has arranged the sale of 601 South Figueroa Street — also known as 601 Fig or Fig at Wilshire — a 1,041,315-square-foot high-rise office tower in Downtown Los Angeles. The asset sold for $210 million, equating to a price of approximately $202 per square foot. Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll and Director Alex Beaton represented the undisclosed seller. Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay worked alongside the aforementioned Newmark team. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday provided support on debt strategy and financing considerations throughout the transaction process. Mark Schuessler, Jordon Garcia and Sean Fulp of Colliers advised the buyer, Uncommon Developers. "601 Fig is one of LA's truly iconic office buildings at the renowned corner of Wilshire Boulevard and Figueroa," said Shannon. "This investment sale will provide long term upside for yet another patient and well-capitalized family office buyer." "Since its completion in 1990, 601 Fig has always had 'power business card' status in the city," added Hannan. "Standing in its majestic 75-foot lobby, you get the sense that you are in a special place, a place where a big deal is about to be made. Uncommon Developers will continue 601 Fig's reputation as one of LA's premier corporate environments." Located at the intersection of Figueroa Street and Wilshire Boulevard, Fig at Wilshire is a 52-story office tower with a distinctive octagonal design and glass crown, contributing to Downtown Los Angeles' skyline. The property offers a range of amenities, including dual lobbies with a 75-foot atrium, a modern fitness center, a WiFi-enabled open-air plaza and onsite dining options, including a coffee shop and fast-casual restaurant. At the time of sale, the building was 72% leased to tenants from diverse industries, with many representing strong national and regional credit profiles. Professional services firm PricewaterhouseCoopers (PwC) serves as the anchor tenant. The property's prime location provides easy access to key Downtown Los Angeles destinations, including Arena, Microsoft Theater, LA Live, Fig at 7th and the 7th Street Metro station, a central rail hub. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about Newmark Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
