LOS ANGELES—Shorenstein Properties has closed on the purchase of the Aon Office Tower in Downtown Los Angeles. In an earlier story, GlobeSt.com reported that the San Francisco-based investor entered into an agreement to purchase the 1.1-million-square-foot, 62-story office tour from Beacon Capital Partners for $270 million, according to industry sources.

The sale of the property includes an adjacent parking structure. Shorenstein made the purchase on through its tenth real estate investment fund, which has $1.23 billion in capital commitments from various investors. The fund was originally formed in 2010. Neither Shorenstein Properties nor Beacon Capital Partners responded to a request for comment prior to the publication of this article, and neither released the terms of the transaction.

The office property is located at 707 Wilshire Blvd. in the financial district of Downtown Los Angeles. It is currently 59% occupied. The property had been on the market since May of this year. Beacon Capital purchased the property in 2007, and had invested $14 million into the property for renovations. It is unclear if Shorenstein has a plan to perform other building improvements that will aide in augmenting the building's occupancy. However, according to industry sources unrelated to the deal, Shorenstein purchased the property for renovation.

Shorenstein is continuing to build its office portfolio. In addition to this purchase, last month the firm closed on its first phase purchase of the Champion Station, a four-building office and R&D campus in San Jose, CA. The terms of the purchase were also not disclosed.