Exclusive: Long Beach Office Asset Lands $95M Refi

March 19, 2026

Finance Los Angeles News Office More West

Omninet Capital acquired the property in 2012.

Exterior shot of Freeway Business Center, an office building in long Beach, Calif. — Freeway Business Center is a Class A office property completed in 1981. Image courtesy of Yardi Matrix

Omninet Capital has secured a $95 million loan backed by Freeway Business Center, a 490,055-square-foot office property in Long Beach, Calif., according to Yardi Matrix.

Bank of America issued the note. The loan replaces previous debt issued by PNC Bank, originally in 2014, then extended in 2024, totaling $73.1 million, the same source shows.

Omninet Capital acquired the asset in 2012. The company paid $69 million for the four-story building to LXP Industrial.

Freeway Business Center is at 1500 Hughes Way. It occupies 19 acres and is close to interstates 405 and 710. Long Beach Airport is nearby, while downtown Los Angeles and its international airport are both within 21 miles from the property.

Completed in 1981, the Class A building includes 122,514-square-foot floorplates, three passenger elevators, a fitness center, retail space and 1,813 parking spots. The government office building is leased by County of Los Angeles’ Department of Public Social Services and Department of Children & Family Services, Housing Authority of the City of Long Beach, among others, Yardi Matrix shows.

Freeway Business Center is part of Omninet Capital’s broader Los Angeles portfolio. The company’s footprint in the metro includes 21 properties totaling 3.2 million square feet.

The City of Angels continues to attract investors

Los Angeles’ office sector carried 2025’s strong investment momentum into the first month of the year. With $63 million in sales, the metro ranked sixth among gateway cities and 11th among the top 25 U.S. markets at the end of January, a recent Yardi Matrix report shows.

Office properties in the market sold at $427 per square foot on average during the first month of 2026—well above the national average of $278 per square foot. This placed the metro fourth among nationwide.

The largest Los Angeles office deal in 2025 was the $210 million sale of Figueroa at Wilshire. Uncommon Developers purchased the 52-story tower in the city’s Financial District. Brookfield sold the 1 million-square-foot property at a 41 percent discount from its previous $356.7 million sale.