Several high-value office buildings in Los Angeles and San Francisco have been sold for significantly lower prices than their previous purchase prices. The Aon Center, the third-tallest tower in Los Angeles, was sold for $147.8 million, about 45% less than its last purchase price in 2014. Similarly, a downtown Los Angeles office building was sold for about 52% less than its price five years ago, with the latest purchase price at approximately $44.7 million, down from $92.5 million in 2018. Additionally, a 20-story office building in downtown San Francisco, which last sold for $148 million in 2014, has hit the market for $80 million, marking a 46% decrease in value. These sales reflect the challenges faced by the commercial real estate sector, including high vacancies and financing costs.
One in eight San Francisco homeowners is selling at a loss, and according to an analysis by Redfin, the total value of homes in the city has fallen by around $60 billion since last summer. Here's what an expert had to say about it. https://t.co/IcHb5HGMKl
#New: Bay Area Housing. Growth in median home value over the last 10 years, by county: Santa Clara: $803,335 San Mateo: $790.816 Marin: $728,683 Santa Cruz: $634,132 Alameda: $615,217 San Francisco: $533,832 Source: @smartasset
This is so true. SF city would need 100,000 more workers to fill the available office space. They'd have to live somewhere. There are currently fewer than 3,000 homes available to buy in the entire SF Bay Area. (There's another 15k rental units available.) https://t.co/4ZXQomLT0k https://t.co/KBv3TpC4bt
The new normal for Commercial Real Estate (CRE): Yet another office building is selling for 50% less than it was last purchased for. A 20-story office building in downtown San Francisco last sold for $148 million in 2014. It just hit the market for $80 million, or 46% below… https://t.co/2lawf38H16
The new normal for Commercial Real Estate (CRE): Properties are selling for less than half of what they were worth just 5 years ago. A downtown Los Angeles office building that sold for $92.5 million in 2018 just sold for $44.7 million. 2 days ago, the Aon Center, Los Angeles'… https://t.co/7rmoZKJYer
A Los Angeles office building located near Century City and Beverly Hills sold for about 52% less than its price five years ago https://t.co/1j6qx2gPiX
Aon Center, the third-tallest tower in Los Angeles, has sold for $147.8 million — about 45% less than its last purchase price in 2014 https://t.co/RXSqfV4YMt
A Los Angeles office building located near Century City and Beverly Hills sold for about 52% less than its price five years ago Harbor Associates and F&F Capital bought the building for ~$44.7M down from the $92.5M it was last sold for in 2018 - Bloomberg https://t.co/WFXXw4YHLs
The most expensive homes sold in San Francisco in 2023 https://t.co/Iip8L23A8q
"Third-tallest tower in Los Angeles sells for 45% less than last purchase price as remote work, interest rates drive down office values" https://t.co/8LNEtY3rC8 https://t.co/q7IdtCb6ZF
Office is taking it on the chin. “Aon Center, the third-tallest tower in Los Angeles, has sold for $147.8 million — about 45% less than its last purchase price in 2014 — as office values continue to suffer from high vacancies and financing costs” https://t.co/wjbqzaVD0S
BREAKING: Aon Center, Los Angeles' third largest building, sells for 45% less than its last purchase price in 2014. The building just sold for $145.8 million, marking the largest office deal this year in downtown Los Angeles. In 2014, the 65-story building sold for $268.5… https://t.co/MhN5FuE4u7