Newmark completed the discounted sale of the $290-million loan collateralized by the fee simple interest in Wells Fargo Center South, a Class A office tower at 355 S. Grand in Downtown Los Angeles’ Bunker Hill district. The loan was acquired by New Age 355, LLC, an affiliate of Kam Sang Company, Inc. Newmark co-head, U.S. Capital Markets Kevin Shannon and vice chairmen Ken White, Laura Stumm, Rob Hannan and Michael Moll represented the undisclosed seller.

Designed by Skidmore, Owings & Merrill, the property encompasses approximately 1.16 million square feet across 45 stories. At the time of the loan sale, the property was approximately 42% leased.

“This transaction reflects the growing pool of investors and owner-users seeking opportunities in institutional-quality assets across Downtown Los Angeles,” said Shannon. “As pricing continues to adjust, buyers are gaining access to irreplaceable real estate at a compelling basis relative to replacement cost. We are seeing increasing conviction from groups that recognize the long-term value of premier office properties and are willing to invest in their next chapter.”

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