The Airport Plaza buildings are part of the Long Beach Airport Business Center and are on a ground lease with the City of Long Beach. Built in 1984 and 1988, the buildings are 98% occupied by a tenant roster including Verizon, the Federal Aviation Administration, Embry-Riddle Aeronautical University and Majestic Insurance Co, among others.

Buchanan notes that the Airport Plaza location is adjacent to Long Beach Airport and near the ports of Long Beach and Los Angeles, where international trade has expanded substantially in recent years. The L.A. County Economic Development Corp. expects two-way trade in the Long Beach and Los Angeles region to grow 12% in 2007 and 13% in 2008.

Downtown Long Beach comprises more than 4.2 million sf of office space, according to City of Long Beach figures, with about 2.3 million sf of that in class A space. The city has been working in recent years to redevelop areas in and near Downtown Long Beach with new retail, residential and mixed-use developments as well as tourist-oriented attractions. Brokers say these developments bode well for the office market.

Legacy represented itself in the transaction, which was the second investment sale that Buchanan Street Partners has completed for Pacifica Real Estate Group and Investcorp. Pacifica is headquartered in Santa Barbara, with offices in Newport Beach and Santa Maria, while Investcorp operates in New York, London and Bahrain.