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SOUTHERN CALIFORNIA NEWS
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Greenlaw Partners and Walton Street Capital Spend $106 Mil on Long Beach Office Building

8/11/15

Orange County-based Greenlaw Partners and Chicago-based Walton Street Capital closed on a significant office buy in LA’s South Bay region, paying $106 mil for the World Trade Center in Long Beach. The 575k sf ($184/sf) property, located at One World Trade Center, represents approximately 14 percent of the downtown Long Beach office market.

World Trade Center is a 27-story office/retail building, one of three Class AA buildings in the downtown Long Beach market. The building features a two-story lobby with floor-to-ceiling glass, panoramic views overlooking Queen Mary, Pike at Rainbow Harbor, Catalina Island and coastline and two-level parking structure and surface lot. The property is situated on 4.1 acres in the heart of the city’s downtown and is adjacent to the Long Beach Hilton Hotel.

CBRE Vice Chairman Kevin Shannon, along with Michael Moll and Ken White, represented the seller, an undisclosed institutional investor.

“At over half a million square feet, this building represents more than a quarter of the Class A Downtown Long Beach office market creating a rare opportunity for an investor to get scale in a recovering coastal office market,” said Shannon. “At the time of sale it was 59 percent leased and was purchased at a major discount to replacement and prior peak pricing in the CBD.

Shannon also noted that Downtown Long Beach is currently experiencing an evolution similar to what has transpired in Downtown LA and other CBD’s nationally where multi-family, hotel, and retail development continue to transform the community and have a positive impact on the office market.

“The Downtown Long Beach office market is becoming tighter as older office stock is being converted to residential, and we’re seeing more retail coming in,” he said. “Almost all of the coastal CBD’s in the Western US have experienced varying degrees of what we’re seeing in Long Beach today, and while Long Beach is recovering at a slower pace than some other coastal CBD markets, it is recovering.”

Specifically, Downtown Long Beach has added over 2,000 luxury apartment and condominium units over the last 10 years with nearly 3,000 residential units, 600k sf of civic space, 600 hotel rooms and 74.5k sf of retail space in the pipeline or under construction. The area has received a 94% Walk Score rating, earning it the label of a “walker’s paradise” from WalkScore.com. In a 3/4 mile radius of the World Trade Center, there exists over 15,500 housing units, nine major hotels, and a daytime population of 75,000 people.

Premier Business Centers, the leading national operator of executive suite centers, has a location in the building.





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