Long Beach Office Tower Sold
One World Trade Center, a downtown Long Beach skyscraper, has been purchased by Tustin investor G REIT Inc. for $113.6 million.
The seller of the 27-story office tower overlooking Ocean Boulevard was a joint venture between Phoenix-based Ensemble Partners and AEW Capital Management of Boston.
G REIT is a real estate investment trust managed by Santa Ana-based Triple Net Properties. G REIT prefers to own properties anchored by government or government-oriented tenants such as defense contractors, said Tony Thompson, chief executive of Triple Net.
The 570,485-square-foot One World Trade Center is 91% leased, Thompson said. Tenants in the 15-year-old building include U.S. Customs Service, the Federal Bureau of Investigation and the Department of Defense.
“We like Long Beach a lot” because of its proximity to the major seaports in the region, its improving downtown and location between Los Angeles and Orange County, Thompson said. “That makes it look good for the next three to five years.”
The building is the 12th property purchased by G REIT. Other office buildings owned by the real estate investment trust are in Sacramento, Chicago and Houston.
