Parallel Capital Partners, Inc. purchased the Shoreline Square Tower at 301 E. Ocean Blvd. in Long Beach, CA for $101.7 million, or about $265 per square foot, from Bantry Holdings and Guggenheim Real Estate LLC.
The 20-story, 383,652-square-foot, 4-Star office property was Long Beach’s first LEED Silver certified structure, and is poised to achieve LEED Gold certification this year thanks in-part to high-efficiency fixtures and other reduced operating costs. Built in 1987 on 1.1 acres in the Long Beach Downtown submarket of Los Angeles County, the asset is part of a master-planned, mixed-use development in the heart of the city’s CBD.
The asset is currently 90 percent leased to multiple tenants including the GSA, U.S. Customs and Department of Defense offices, Comerica Bank, Tidelands Oil, and UBS Financial Services.
Site amenities include a fountain and seating area in the plaza connecting Shoreline Square to the Westin Hotel, banking facilities and restaurants as well as proximity to the Long Beach Performing Arts Center and Long Beach Convention and Entertainment Center.
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"It is located in the only waterfront central business district in the Los Angeles area, representing the location and quality of projects that his firm is focusing on acquiring," said Matt Root, CEO of Parallel about his firm's second major investment in the region. "Adding to its appeal, the property is in close proximity to the ports of Long Beach and Los Angeles - two of the most active ports in the nation - as well as a number of high-profile Pacific Rim companies."
Kevin Shannon of CBRE represented the seller. The buyer handled the sale in-house.
Please see CoStar COMPS #2994443 for additional information on this transaction.