Izek Shomof Of Shomof Group Purchases 24-Story Office Tower In Long Beach For $50M

The office asset involved in the transaction is the 24-story Landmark Square office tower located at 111 West Ocean Boulevard in Long Beach. The property encompasses 460,000 square feet and was acquired for $50 million. The price per square foot stands at $109, and the transaction occurred against the backdrop of Long Beach’s 28.5% vacancy rate.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $50,000,000
• Buyer: Izek Shomof - Shomof Group
• Seller: Manulife Financial Corp.
• Lender: East West Bank
• Square Footage: 460,000
• Price per Square Foot: $109

The deal was facilitated with a $25 million loan from East West Bank, highlighting the ongoing strategy of developer Izek Shomof to acquire discounted office assets in the Long Beach area. Furthermore, the seller, Manulife Financial Corp., had previously purchased the property for $135.5 million in 2013.