Estrada tells GlobeSt.com that in spite of posting positive net absorption in the first quarter of the year, the total class A vacancy rate in Suburban Long Beach remained elevated. Moreover, he says, “the suburban market will likely see another hit of negative absorption as Boeing is set to return another 150,000 square feet in November.”

He adds that “This, coupled with smaller, but significant amounts of shadow space which will roll to the market throughout the year, provides an even larger hole for the market to dig itself out of. However, with the exception of the Boeing space, it appears that the defense shake out has come to an end.”

While the suburban market has yet to attract many large users, according to Estrada, “it continues to see increases in tour activity, as tenants from the Downtown market seem enticed by the lower rental rates and availability of large chunks of space.” Ultimately, he says, “at least as has been the case thus far, those tenants have chosen to resign or relocate within Downtown.”

Park Tower is just minutes from the 405, 605 and 22 Freeways, providing convenient access to multiple Los Angeles County and Orange County submarkets. It has recently completed a complete renovation of all common areas including a brand new contemporary lobby and 7th floor conference lounge available to tenants of Park Tower.

Previously leasing agent at the tower was George Thomson and Jeff Bischofberger of Lee & Associates, according to Estrada. At 91% leased, Park Tower's tenant roster includes ChildNet, AlphaStar, Argus Medical Management and Beach Business Center, Park Tower's 2nd Floor Executive Suite.