LA-Area Office Duo Sets High Mark for Auction.com

MANHATTAN BEACH, CA—Auction.com says it has completed the largest transaction in its 8-year history and largest online real estate deal ever: The $96.075 million sale of Manhattan Towers, a two-building, 309,734-square-foot office property in this premier coastal community within Los Angeles. Manhattan Towers sold in a custom auction that concluded on July 22. CWCapital was the seller and the deal was brokered by Eastdil Secured. The transaction was the highlight of a week that saw more than $300 million in commercial real estate assets successfully auctioned online via Auction.com. “The successful sale of Manhattan Towers is further proof that some of the highest-quality commercial real estate assets available today are being sold on Auction.com,” said Gordon Smith, general manager of Auction.com’s commercial real estate division. “As the commercial real estate landscape changes, the way people buy and sell real estate evolves, and Manhattan Towers is proof of just that. Over half of the commercial properties we bring to auction are class A, non-distressed assets and that’s a trend that will only continue to grow.”

The sale represents the largest verified e-commerce transaction ever based on current Guinness World Records information. While the purchase of a “Gigayacht” in 2006 has been reported by several online outlets as the largest transaction ever on eBay, other sources have reported that the online auction ended at the $85 million “buy it now” price, which falls short of the Manhattan Towers online auction.