One of the biggest office buildings in Long Beach, One World Trade Center, has sold at a steep discount to Orange County developers who plan to renovate the oceanfront high-rise and seek additional tenants for it.
Greenlaw Partners, which specializes in turning around troubled properties, bought the 27-story tower on Ocean Boulevard for about $105 million, far less than its last owners paid for it during the last real estate boom. The structure is little more than half occupied even though real estate experts widely consider it one of the best office buildings in the city.
"The view is mesmerizing," said Wil Smith, founder of Greenlaw.