Ronnie Lam Of Kam Sang Company Acquires $290M Loan On Wells Fargo Center For $115M

The asset involved in this transaction is a note/loan associated with the Wells Fargo Center South Tower, a 45-story office tower located at 355 South Grand Avenue in Los Angeles, CA. The property was acquired by Kam Sang Company for approximately $115 million, representing about $100 per square foot. Nine years prior, the tower had a market value of $450 million but was only 42% leased at the time it hit the market in December.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $115,000,000
• Address: 355 South Grand Avenue
• Market: Los Angeles, CA
• Asset Value at Peak: $450,000,000
• Square Footage: 1.2 million
• Leasing Status at Sale: 42% leased

The transaction was facilitated by five brokers from Newmark, including Kevin Shannon, Ken White, Laura Stumm, Rob Hannan, and Michael Moll. Ronnie Lam represented Kam Sang Company as the buyer in this distressed debt sale, acquiring the loan from a consortium of lenders.