Transwestern Acquires Aon Center

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.