Redwood Partners Acquires 210,428 SF The Hubb Office Property in Downtown Long Beach for $60.5M
LONG BEACH, CALIF. — Redwood Partners has purchased The Hubb, a creative office property located at 100 W. Broadway in downtown Long Beach. A joint venture between Singerman Real Estate and Ocean West Capital Partners sold the property for $60.5 million.
Originally built in 1986, the 210,428-square-foot creative office building underwent a $12 million capital improvement program in 2017. The renovation included the addition of high and exposed ceilings, operable windows, polished concrete floors and full-height glass lines.
The Hubb also features an indoor-outdoor amenity area known as “WorkPark,” which provides a modern outdoor office environment with work tables, seating, lounge chairs and Wi-Fi stations. The property also features an adjacent, six-level parking structure.
At the time of sale, the property was 88 percent occupied by a variety of office and retail tenants, including WeWork as the long-term anchor tenant.
Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark Knight Frank represented the seller, while Bob Safai of Madison Partners represented the buyer in the deal.