Auction.com hit a major milestone last week when we made the biggest sale in our history with the $96.075 million auction of Manhattan Towers, a two-building, 309,734-square-foot office property in Manhattan Beach, California. In fact, we’re fairly certain that this sale represents the largest online real estate transaction ever, qualifying it for the Guinness World Records!
I’m excited about this sale for a few reasons. Yes, we set a new sales record for the company. More importantly, however, this sale further validates of our vision for the future of real estate. The Manhattan Towers sale demonstrates not only that real estate is moving online, but that it’s moving online for all types of real estate, including high quality, high-value commercial assets.
In addition to the Manhattan Towers sale, last week we also auctioned off five full-service hotels formerly owned by Alena Hospitality. Located across Florida, Illinois and New Jersey, these hotels went to different buyers for a total of more than $87 million. In all, our two-day CRE auction event last week resulted in over $300 million in sales. Real estate really is moving online!
I’m so proud of the teams across Auction.com who made these auction events possible, including the business development team, our partners at CW, our engineers, our marketing team, and the auction-day operations team. This sale was a historic moment for the company and I’m so excited to continue to innovate and revolutionize the way we buy and sell real estate.
Jeff Frieden
Executive Chairman and Co-Founder
