Landmark Long Beach Tower Trades Hands
A 199,156-square-foot office tower in downtown Long Beach, CA has traded hands in what is the largest Class A office building sold in Long Beach this year. The Salvation Army divested 180 E. Ocean Blvd. to an affiliate of Thrifty Oil Co. for a reported $35.8 million.
The 12-story office landmark tower features ocean and city views, as well as numerous walkable lifestyle amenities. Completed in 1984, Thrifty Oil plans to make improvements to the building to attract new tenants.
Cushman & Wakefield’s Jeffrey Cole, Robert Garey, Ed Hernandez and Nico Napolitano represented the seller in the disposition.
Cole says, “With the phased departure of The Salvation Army from the building, this property offers a rare repositioning opportunity of one of the most recognizable office assets in Long Beach. 180 E. Ocean Blvd. was sold at a significant discount to replacement cost, and proved an ideal investment for the buyer.”
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