{"id":1004125185,"date":"2015-08-12T11:50:33","date_gmt":"2015-08-12T19:50:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357702"},"modified":"2022-03-03T01:29:23","modified_gmt":"2022-03-03T09:29:23","slug":"long-beach-office-tower-to-test-greenlaws-mettle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/long-beach-office-tower-to-test-greenlaws-mettle\/","title":{"rendered":"Long Beach Office Tower to Test Greenlaw\u2019s Mettle"},"content":{"rendered":"<p><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p>This is what you\u2019d call an investment opportunity. Chicago-based <a href=\"https:\/\/www.waltonst.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Walton Street Capital<\/a> joined forces with <a href=\"https:\/\/greenlawpartners.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Greenlaw Partners<\/a> of Irvine in the acquisition of one of Long Beach\u2019s most iconic office assets. The price stood at $105.9 million, considerably less than the asset commanded during the last two transactions it was involved in.<\/p>\n<p>One World Trade Center is a 27-story Class A office high-rise that offers 585,000 square feet of space. The 1989-built granite-clad tower is located on Ocean Boulevard and offers great views of the Pacific Ocean.<\/p>\n<div id=\"attachment_357719\" class=\"wp-caption alignright\" style=\"width: 179px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/One-World-Trade-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-357719\" title=\"One World Trade Center\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/One-World-Trade-Center.jpg\" alt=\"One World Trade Center\" width=\"169\" height=\"256\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">One World Trade Center<\/p>\n<\/div>\n<p>As previously mentioned, the new owners picked up the property at a substantial discount compared to what<a href=\"https:\/\/www.legacypartners.com\/\" target=\"_blank\" rel=\"nofollow noopener\"> Legacy Partners<\/a> paid for the asset in 2007\u2014$149 million. The price is lower even when compared to the 2003 transaction it was involved in, when the asset traded hands for $113.6 million. One of the main reasons for the discount is the fact that the asset currently operates at around 57 percent occupancy. Greenlaw will handle property management duties, in an attempt to boost leasing at the building, according to <em>The Orange County Register<\/em>.<\/p>\n<p>Greenlaw intends to overhaul the building and upgrade systems and common areas in order to achieve its goal of improved occupancy. One World Trade Center\u2019s current tenant roster is comprised of a number of law firms such as Ford, Walker, Haggerty &amp; Behar, as well as Morgan Stanley, Premier Office Centers, and the Food and Drug Administration.<\/p>\n<p>Image courtesy of\u00a0<em>legacypartners.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is what you&rsquo;d call an investment opportunity. Chicago-based Walton Street Capital joined forces with Greenlaw Partners of Irvine in the acquisition of one of Long Beach&rsquo;s most iconic office assets.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[],"class_list":["post-1004125185","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Long Beach Office Tower to Test Greenlaw\u2019s Mettle - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/long-beach-office-tower-to-test-greenlaws-mettle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long Beach Office Tower to Test Greenlaw\u2019s Mettle\" \/>\n<meta property=\"og:description\" content=\"This is what you&rsquo;d call an investment opportunity. Chicago-based Walton Street Capital joined forces with Greenlaw Partners of Irvine in the acquisition of one of Long Beach&rsquo;s most iconic office assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/long-beach-office-tower-to-test-greenlaws-mettle\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-12T19:50:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T09:29:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/One-World-Trade-Center.jpg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"Long Beach Office Tower to Test Greenlaw\u2019s Mettle\",\"datePublished\":\"2015-08-12T19:50:33+00:00\",\"dateModified\":\"2022-03-03T09:29:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/\"},\"wordCount\":255,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/One-World-Trade-Center.jpg\",\"articleSection\":[\"Los Angeles\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/long-beach-office-tower-to-test-greenlaws-mettle\\\/\",\"name\":\"Long Beach Office Tower to Test Greenlaw\u2019s Mettle - 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