Latest news with #NewmarkGroup
Yahoo
5 days ago
- 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
5 days ago
- 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
6 days ago
- 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
6 days ago
- 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
Associated Press
6 days ago
- Business
- Associated Press
Newmark Facilitates $150.7 Million Sale of Trophy Creative Campus in Playa Vista, California
Transaction Marks Highest Sale Price in Los Angeles Year-to-Date1 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 facilitated the $150.7 million sale of i|o at Playa Vista, a 306,809 square-foot creative workplace campus in Playa Vista, California. Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller, Clarion Partners. 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. The buyer was Barings. 'The response from institutional investors for i|o at Playa Vista was exceptionally strong — a clear sign that institutional capital is re-engaging in the office sector,' said Shannon. 'The managed bid process was highly competitive which speaks to a broader sense of recovery in the capital markets for quality office product.' 'Buyers embraced i|o's rollover profile, which included significant near-term expirations,' added Stumm. 'The willingness of institutional investors to take on leasing uncertainty is a clear vote of confidence in both the Playa Vista submarket and the broader office recovery. The market continues to reward high-quality assets, and this sale reinforces that trend.' The two-building, mixed-use i|o campus has attracted 78,000 square feet of new leasing over the past 24 months at market-leading rates, demonstrating its tenant appeal in a flight-to-quality leasing environment. The property, delivered in 2010 and completely redesigned by Gensler in 2016, has maintained an average occupancy level of over 90% since it was redesigned. The campus provides a compelling, collaborative indoor/outdoor workplace wrapped in a distinct architectural language that includes exterior stairways, large amenitized decks and abundant space amidst a serene interior landscaped courtyard. The property benefits from its central location that offers immediate access to the I-405 and Marina (SR 90) Freeways and the main arterials of the Pacific Coast Highway, La Cienega and LAX, as well as an abundance of amenities and the Westside's desirable executive housing. Trophy buildings in prime locations like Playa Vista are outperforming other asset classes, fueled by strong demand for high-end design and amenities that attract companies eager to bring workers back to the office, according to Newmark Research. 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. 1 According to Newmark Research View original content to download multimedia: SOURCE Newmark Group, Inc.
