LONG BEACH, CALIF. — Greenlaw Partners has acquired One World Trade Center, a 575,000-square-foot office building in Long Beach, for $105 million, according to the Los Angeles Times. The 27-story office building is located at 601 W. Ocean Blvd.
One World Trade was built in 1989. It is the tallest building in Long Beach.
The Class A building features the World Trade Center Heliport helipad on its roof. The structure is also attached to the 20-story Hilton Long Beach through its two-story retail plaza. The Hilton was not included in this transaction.
Notable tenants at the building include the Food and Drug Administration, Morgan Stanley and law firm Ford, Walker, Haggerty & Behar. The building is situated near the Pike at Rainbow Harbor & City Place Shopping Center.
The seller, SteelWave, purchased the tower for $148.9 million in 2007 at the peak of the market. The firm operated as Legacy Partners at the time. The company made significant improvements to the tower’s common areas and lobby.
One World Trade was 88 percent occupied when it was purchased by Legacy. As of today, there are 37 office units listed as available for lease on LoopNet, with a listed monthly rental rate of $2 to $3 per square foot.
Irvine, Calif.-based Greenlaw Partners acquires, develops and manages commercial real estate properties throughout the Western United States, with a core focus on the acquisition and management of income assets and land entitlement projects.