LONG BEACH, CALIF. — Parallel Capital Partners has acquired Shoreline Square, a 383,652-square-foot office tower in Long Beach, for $101.7 million. The Class A office tower is located at 301 East Ocean Blvd. It is part of a master-planned, mixed-use development within the city’s Central Business District.
Shoreline Square is currently 90 percent leased. Notable tenants include General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. The tower currently holds a LEED-Silver designation. It was renovated in 2008, and is expected to achieve LEED-Gold certification later this year.
Parallel Capital Partners represented itself in this transaction, while the seller, Guggenheim Real Estate, was represented by CBRE’s Kevin Shannon.