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December 18, 2018
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Creative Office Asset in Long Beach Trades in $60 Mil Deal

11/27/18

The Hubb, a 210.4k sf creative office property in downtown Long Beach, traded hands in a recent $60.5 mil ($288/sf) transaction. The asset, situated on a full city block totaling just over two acres at 100 West Broadway, was 88% leased at time of sale.

Originally built in 1986, the six-story property includes an East Tower and a West Tower. The property underwent a $12 mil comprehensive capital improvement program completed in 2017 which included the addition of high and exposed ceilings, operable windows, polished concrete floors, and full height glass lines.

The Hubb features a unique indoor-outdoor amenity area known as the “WorkPark,” which provides a modern outdoor office environment with worktables, seating, lounge chairs and Wi-Fi stations. It also includes an adjacent six-level parking structure. The property has a diverse set of office and retail tenants and its anchor tenant is WeWork which has a long-term lease.

Newmark Knight Frank Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, a joint venture between Singerman Real Estate and Ocean West Capital Partners. The buyer, Redwood Partners, was repped by Bob Safai of Madison Partners.

Hannan noted, “Downtown Long Beach has so much positive momentum right now, from the City’s investment in its own infrastructure, to the development and revitalization of residential, hospitality and retail product. The Hubb’s position as a preferred office destination will only benefit as the City continues this upward trend.”

The Hubb is located in the pulse-center of downtown Long Beach, with Pine Ave being the focal point for the fine dining and entertainment in the area. Additionally, it is a half-block from the Metro Blue Line’s downtown Long Beach station and is minutes from several regional freeways, the Catalina Express, the Long Beach Airport, CityPlace Shopping Center, and the East Village loft district, all of which contribute to the dynamic urban environment that serves as the civic, economic, and cultural epicenter of the city.




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