IRVINE, Calif., August 23, 2018 – Cushman & Wakefield announced today the sale of 180 E. Ocean Blvd., a 199,156-square-foot office tower in downtown Long Beach, California.
The sale of 180 E. Ocean marks the largest Class A office building sold in Long Beach this year, according to Cushman & Wakefield research.
The 12-story office landmark was owned by The Salvation Army and sold to an affiliate of Thrifty Oil Co. Brokerage professionals Jeffrey Cole, Robert Garey, Ed Hernandez, and Nico Napolitano with Cushman & Wakefield’s Capital Markets Group represented the Seller in the disposition.
“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,” said Mr. Cole, Cushman & Wakefield’s Vice Chairman. “180 E. Ocean Blvd. was sold at a significant discount to replacement cost and proved an ideal investment for the buyer.”
In addition to its timeless architecture, 180 E. Ocean Blvd. offers tenants spectacular ocean and city views as well as numerous walkable lifestyle amenities for a unique coastal live/work environment.
Completed in 1984, the ocean view office tower features a granite-clad lobby, 16,000-square-foot octagonal floor plates, and above standard parking. Thrifty Oil is planning to further improve the building to create the best possible environment to attract new tenants.
“We are excited to participate in the revitalization of downtown Long Beach” said Moshe Sassover, Co-CEO of Thrifty Oil Co. “The revitalization is well underway with substantial investments by the City of Long Beach, addition of numerous quality retail and restaurant establishments, as well as the ongoing construction of thousands of new residential units”.
About Thrifty Oil Co.
Thrifty Oil Co. is one of the largest privately held owners of real estate in Southern California. The Long Beach Asset was purchased for cash without any debt.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.