{"id":5900,"date":"2025-11-13T07:38:27","date_gmt":"2025-11-13T07:38:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=5900"},"modified":"2025-11-13T08:23:55","modified_gmt":"2025-11-13T08:23:55","slug":"shomof-group-buys-long-beachs-landmark-square-at-discount","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/shomof-group-buys-long-beachs-landmark-square-at-discount\/","title":{"rendered":"Shomof Group Scores Long Beach Office Tower at Sharp Discount"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]Developer Izek Shomof\u2019s firm, the Shomof Group, has closed on Landmark Square \u2014 a 24-story, 460,000-square-foot office tower in Long Beach, Calif. \u2014 for $50 million, which is roughly 63% below its prior $135.5 million sale in 2013. The LEED Gold-certified property, located at 111 W. Ocean Blvd., was financed with a $25 million loan.<\/p>\n

First reported<\/a> by The Real Deal<\/em>, the purchase extends Shomof\u2019s streak of value-driven office acquisitions across southern California. Earlier this year, he acquired Beacon Capital Partners\u2019 101 N. Brand Blvd. in Glendale, Calif., for $58.8 million \u2014 about 54% below its 2016 price. And, last spring, he picked up the 12-story 617 W. Seventh St. in downtown Los Angeles for $20.5 million, which amounted to roughly half of what the Swig Company paid in 2011.<\/p>\n

Shomof is already known for adaptive-reuse projects, such as Panorama Tower in Panorama City, Calif., which converted a former office building into 194 condominiums with ground-floor retail in 2020. No plans have been announced as of yet for Landmark Square.<\/p>\n

\"\"
Landmark Square at 111 West Ocean Boulevard overlooks the Pacific and the Queen Mary.<\/figcaption><\/figure>\n

Notably, Shomof\u2019s latest acquisitions come as Los Angeles has witnessed major towers trade at sharply reduced values. For example, Brookfield sold the 52-story Figueroa at Wilshire this year for about $210 million \u2014 nearly 40% below what it paid in 2005. Similarly, the Gas Company Tower traded in late 2024 for around $200 million, which was far below valuations that once topped $600 million. And, the Aon Center sold in December 2023 for $147.8 million, or about 45% below its 2014 price.<\/p>\n

Even with those discounts, Los Angeles\u2019 fundamentals have held up better than most markets. Through September of this year, Yardi Research data shows a vacancy rate that came in at 15%, which was down from 16.3% a year earlier and one of the lowest among Western metros. Meanwhile, asking rents averaged $41.11 per square foot \u2014 down 4.5% year-over-year, but still above the national average ($32.79). Additionally, total office sales volume more than doubled to $2.04 billion through September, showing that opportunistic capital is back in the market.<\/p>\n

\u201cThe outlook is cloudy,\u201d said Jeff Bramson, senior managing director and co-head of JLL\u2019s Los Angeles office, to Commercial Observer<\/em><\/a> in September. \u201cNobody knows what\u2019s going to happen, which is why people are buying. I don\u2019t see it as cautious. I see it as an opportunistic market.\u201d[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Developer Izek Shomof\u2019s firm, the Shomof Group, has closed on Landmark Square \u2014 a 24-story, 460,000-square-foot office tower in Long Beach, Calif. \u2014 for $50 million, which is roughly 63% below its prior $135.5 million sale in 2013. The LEED Gold-certified property, located at 111 W. Ocean Blvd., was financed with a $25 million loan.<\/p>\n","protected":false},"author":3163,"featured_media":5906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-5900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-news"],"acf":[],"yoast_head":"\nDiscounted Office Sales Continue in LA as Shomof Group Acquires Landmark Square at 63% Below 2013 Price<\/title>\n<meta name=\"description\" content=\"Developer Izek Shomof\u2019s firm bought the 24-story Landmark Square tower in Long Beach for $50 million\u2014about 63% below its 2013 sale price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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