Parallel Capital Inks $80 Million Lease Renewal at Los Angeles Office Property
Parallel Capital Partners Inc. (PCP) announced the completion of notable lease renewals at its greater Los Angeles office property. The U.S. General Services Administration (GSA) is set to continue its occupancy—spanning more than 140,000 square feet—at Shoreline Square in Long Beach. The transaction is reported to amount to $80 million. CBRE’s Brian Saal represented Parallel, while Cushman & Wakefield’s John Winnek represented the tenants.
Located at 301 East Ocean Blvd. in Long Beach, Calif., the Class A office tower rises 20 stories tall and encompasses 410,114 square feet of premier suburban Los Angeles office space. Parallel Capital Partners owns and manages the office property and has kept it nearly 90% leased, even throughout the challenging business conditions during the pandemic. Part of a mixed-use, master-planned development in the Long Beach central business district, Shoreline Square’s tenant roster also includes Comerica Bank; Tesoro Refining & Marketing Company; Mieco, Inc; the State of California; and Dassault Systems Americas.
“This is a highly desirable property ideally located near the ports of Long Beach and Los Angeles, in a dynamic and diversified waterfront urban locale,” said Matt Root, PCP CEO. “[It] is also LEED-Gold certified, with a 91 Energy Star score—the equivalent of using 42% less energy than the national median average for similar building size, location and type.”
The Shoreline Square tower first earned LEED Gold certification in 2015, when it was the only LEED Gold multi-tenant office building in town certified under the Existing Buildings Operations + Maintenance (EBO+M) Rating system. PCP earned this highly prized USGBC certification by implementing practical and measurable solutions aimed at achieving high performance in water savings, energy efficiency, materials selection and indoor environmental quality.
Going green at Shoreline Square also included adapted lighting conservation programs; diverting 100% of all e-waste; and using low-nitrogen fertilizers for landscaping. The most recent improvements include the installation of a state-of-the-art, needlepoint bipolar ionization air sterilization system designed to protect people from pathogens and eliminate pollutants in the air.
Outside of the Los Angeles market, the Parallel Capital California portfolio includes The Ranch at Seal Beach in Orange County, as well as the Sky Park Office Plaza, which encompasses more than 200,000 square feet of premium San Diego office space.