The 20-story property occupies a site at 301 E. Ocean Blvd., at the corner of Long Beach and Ocean boulevards. Designed by architect Maxwell Starkman, it was completed in 1988 and was acquired by Trizec in 1998. The building features floors of 19,000 sf, 988 parking spaces, and views of the Pacific Ocean, Queensway Bay, the Queen Mary and downtown Long Beach.
Tim Callahan, president and CEO of Trizec, says that although Los Angeles remains a core market for the Chicago-based REIT, the sale of the Shoreline Square asset follows Trizec's strategy of focusing on high-quality properties in a select number of core submarkets. The company's L.A. portfolio totals 3.5 million sf, consisting of two downtown properties, Bank of America Plaza and Ernst & Young Plaza, which totaling 2.7 million sf, along with Landmark Square in Long Beach and Marina Towers in Marina Del Rey, which total 824,000 sf.
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