Building, Shorenstein has Another Sale Working: After Selling Exxon

In Houston, Shorenstein Properties recently sold the long-vacant, 45-story Exxon/Humble Oil tower in downtown Houston for a conversion to multifamily.

Shorenstein bought the Exxon tower for $50 million in 2013, then sold it for about $25 million at the end of 2022.

Now, San Francisco-based Shorenstein has another major disposition in the works. It’s in downtown Los Angeles and it could be a bit painful, too.

In 2014, Shorenstein bought the 62-story AON Center office tower on Wilshire Boulevard in Los Angeles from Beacon Capital Partners for $271 million or $244 per SF.

Now Shorenstein is trying to sell the AON Center building. It’s expected to draw bids around $220 million or about $50 million less than what Shorenstein paid for it, as stated by Real Estate Alert.

In Houston, the sale of the skyscraper that is the former headquarters of Humble Oil, a predecessor to Exxon, is slated to be converted from office to residential, a redevelopment that could supercharge downtown revitalization.