Long Beach Office Tower to Test Greenlaw’s Mettle
- Aug 12, 2015
By Alex Girda, Associate Editor
This is what you’d call an investment opportunity. Chicago-based Walton Street Capital joined forces with Greenlaw Partners of Irvine in the acquisition of one of Long Beach’s most iconic office assets. The price stood at $105.9 million, considerably less than the asset commanded during the last two transactions it was involved in.
One World Trade Center is a 27-story Class A office high-rise that offers 585,000 square feet of space. The 1989-built granite-clad tower is located on Ocean Boulevard and offers great views of the Pacific Ocean.
As previously mentioned, the new owners picked up the property at a substantial discount compared to what Legacy Partners paid for the asset in 2007—$149 million. The price is lower even when compared to the 2003 transaction it was involved in, when the asset traded hands for $113.6 million. One of the main reasons for the discount is the fact that the asset currently operates at around 57 percent occupancy. Greenlaw will handle property management duties, in an attempt to boost leasing at the building, according to The Orange County Register.
Greenlaw intends to overhaul the building and upgrade systems and common areas in order to achieve its goal of improved occupancy. One World Trade Center’s current tenant roster is comprised of a number of law firms such as Ford, Walker, Haggerty & Behar, as well as Morgan Stanley, Premier Office Centers, and the Food and Drug Administration.
Image courtesy of legacypartners.com