SoCal CRE Pops Again with $86M Skyscraper Sale

The residential side of Long Beach’s post-pandemic recovery is slowly gaining steam, but on the commercial side a downtown skyline-impacting skyscraper has sold for $85.5 million to Shoreline Square Holdings LLC. Newmark’s Kevin Shannon, Ken White, Rob Hannan and Laura Stumm represented the seller, Parallel Capital Partners.

The 20-story Shoreline Square office building – prime location on Ocean Boulevard – has not only a 92% occupancy, but a mixed list of tenants who provide secure, long-term feelings when leasing office space:

… with more than half including U.S. government and municipal organizations such as U.S. Customs, California State Lands Commission, Department of Defense, California Coastal Commission and ATF. (first reported at LA Business Journal)

In addition to government leases, Shoreline Square sports banks, software companies, energy interests, ever-present law offices and more. 

To secure an office-space lease in Long Beach is seen as a potential bargain when compared to Los Angeles. The average asking rate rose last year across L.A. to $3.82 (per CBRE Research), but was cheaper in downtown Long Beach at $2.56.