LONG BEACH, Calif. — Marking its second major Southern California commercial real estate purchase in less than two weeks, San Diego-based Parallel Capital Partners has acquired Shoreline Square, a Class A office tower overlooking the coastline in Long Beach, Calif. The property was purchased for $101.7 million from Guggenheim Real Estate.
According to Matt Root, CEO of Parallel Capital Partners, the tower – originally developed in 1988 along with the adjoining 469-room Westin Long Beach Hotel – is part of a revival in downtown Long Beach.
“One of the most desirable coastal markets in the region, downtown Long Beach is undergoing a significant renaissance, and transforming from a maritime-centric economy into one of Southern California’s most diversified and dynamic waterfront urban destinations to live, work and play,” said Root.
The 383,652-square-foot building is 90 percent leased.
The Shoreline complex is Parallel’s second major investment in the region – the firm made one of last year’s biggest Southern California deals with the $85 million acquisition of Bixby Office Park in Seal Beach.
This most recent purchase adds another important trophy asset to Parallel’s growing portfolio. Last week, Parallel announced the $72.5 million acquisition – in a joint venture with Sam Zell’s Equity Group Investments – of Wateridge Plaza in San Diego’s Sorrento Mesa business hub.