LONG BEACH, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that New York City-based Brookfield Office Properties Inc. has sold the Landmark Square office building in Long Beach, CA for approximately $136 million or $306 per square foot. The net proceeds were approximately $61 million.
Landmark Square, built in 1990, is a 24-story office building on Ocean Blvd. in Long Beach.
Brookfield acquired Landmark Square along with the Trizec portfolio in 2006 and integrated it into the company's US Office Fund, in which Brookfield currently owns an 84% interest. The property is 89% leased.
Adam Edwards, K.C. Scheipe and Stephen Somer of Eastdil Secured represented Brookfield in the disposition.
Brookfield did not respond to further inquiries including the buyer's identity or reasons for selling at this time, but GlobeSt.com will update the story as more information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
