New, Expanded Leases At One World Trade Center Long Beach
In December, Los Angeles-based corporate housing provider Oakwood Worldwide (US), LP, finalized a lease agreement for 19,000 square feet of office space at One World Trade Center (1WTC) in Downtown Long Beach. The company is relocating its corporate headquarters from Los Angeles to Long Beach midyear, according to a 1WTC spokesperson. James Hooks and Seth Wellisch of CRESA handled the transaction.
Also at 1WTC, oil firm California Resource Corporation finalized a lease for 72,000 square feet on five floors to be occupied when the company vacates the Landmark Square office building later this year. Craig Kish of Newmark Knight Frank handled the transaction. Specialty’s Cafe (represented by Scott Frazier of Lee & Associates) signed a lease for 3,500 square feet in December and plans an April opening in courtyard plaza. Lastly, two law firms, Ford Walker Haggerty and Behar (represented by Richard Merritt of KM Brokerage Services), and the Law Offices of Garcia & Artigliere (represented by Dave Coe of Davco Realty Services), renewed and expanded their leases. The property is represented by Jason Fine, Steve Solomon and Kristen Bowman of JLL.
These leases come on the heels of a $25 million investment in building upgrades and renovations by a venture comprised of Waterford Property Company, Greenlaw Partners and affiliates of Walton Street Capital. The venture acquired the 27-story, 575,000-square-foot tower in August 2015.
“1WTC is an iconic property that really defines Downtown Long Beach,” Waterford Property Company founder John Drachman stated in a prepared statement. “It has been exciting to bring a new look and top-of-the-line amenities to 1WTC to make it an ideal tenant location, and the leasing achieved to date confirms it. In today’s market, Class A tenants require Class A amenities, and with all the improvements we have made to 1WTC, we feel it justifies the leasing success.”
Improvements included a two-story, 36,360-square-foot 24 Hour Fitness Super Sport Club. The gym anchors the newly renovated outdoor courtyard, which features new seating, landscaping, shade structures and artwork. The building’s interior also received improvements, including a modernized lobby with three common-area conference rooms.
“This is an exciting and dynamic downtown that is now realizing the benefit of significant investment from the new Long Beach Civic Center to the new Courthouse, as well as a multitude of new housing options,” Drachman said. “We are excited to be at the center of the Downtown Long Beach evolution providing a corporate environment designed to lead the way.”