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.