Newmark Arranges Discounted Sale of $290 Million Loan Secured by Wells Fargo Center South in Downtown Los Angeles

October 19, 2026 12:00 PM

Newmark announces the Company has completed the sale of the loan collateralized by the fee simple interest in Wells Fargo Center South, a 45-story, 1.16 million-square-foot Class A office tower in Downtown Los Angeles.

The loan was acquired by New Age 355, LLC, an affiliate of Kam Sang Company, Inc., which recognizes the opportunity represented by the collateral. 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.

Located at the heart of Downtown Los Angeles' Bunker Hill district, Wells Fargo Center South is one of the city's most recognizable office towers. Designed by Skidmore, Owings & Merrill, the property encompasses approximately 1.16 million square feet across 45 stories and offers direct access to the recently renovated HALO amenity center, expansive views and efficient floor plates. At the time of the loan sale, the property was approximately 42% leased with a diversified roster of government, legal, insurance and financial services tenants.

"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."

The tower is located near major cultural institutions, public transportation and regional transportation networks. The property also benefits from building-top signage and naming-rights opportunities, features that are increasingly attractive to corporate users seeking visibility within the Los Angeles market.

The transaction marks the third ownership or loan sale relating to a Downtown Los Angeles office tower exceeding 40 stories in 2026 to date. Notably, two of the three transactions involved buyers planning to occupy a portion of their buildings while leasing remaining space to tenants, underscoring the growing role owner-users are playing in the market's ongoing evolution.

According to Newmark Research, owner-users accounted for 59% of Los Angeles office sales exceeding $25 million year-to-date through the third quarter, more than double the average share recorded in 2024 and 2025. Some of these buyers are pursuing a hybrid ownership strategy, occupying a portion of acquired buildings while leasing remaining space to third-party tenants. User sales in which the buyer will occupy most of a building is helping remove office inventory from the competitive market, particularly in Downtown Los Angeles, where owner-user acquisitions have become an increasingly important driver of sales activity and a contributor to long-term market stabilization.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.
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