LONG BEACH, CA—San Diego-based Parallel Capital Partners has acquired the Shoreline Square office tower from Guggenheim Real Estate for $101.7 million. Located at 301 East Ocean Blvd. in Long Beach, the 20-story, 383,652-square-foot office tower is LEED-Silver certified and poised to become LEED-Gold certified this year.

“One of the most desirable coastal markets in the region, Downtown Long Beach is undergoing a significant renaissance and transforming from a maritime-centric economy into one of Southern California's most diversified and dynamic waterfront urban destinations to live, work and play," says Matt Root, Parallel Capital Partners CEO, who adds that the building sits in Los Angeles County's only central business district on the waterfront.

Since 2008, the building has maintained 90% occupancy with a diverse group of tenants, including General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil and Department of Defense offices. “Adding to its appeal, the property is in close proximity to the ports of Long Beach and Los Angeles—two of the most active ports in the nation—as well as a number of high-profile Pacific Rim companies,” Root says. The property is also located near public transit and the Pike at Rainbow Harbor, providing tenants easy access to over 30 restaurants and shops. A bonus feature is the ocean view overlooking the Queen Mary.