Private San Diego real estate investment firm Parallel Capital Partners, Inc. purchased the Shoreline Square office tower for $101.7M just shy of a year after purchasing the Bixby Office Park in Seal Beach for $85M.

301OceanShoreline Square, situated at 301 Ocean Boulevard, is the 20-story bronze sister to the Westin Hotel. Developed in coordination with the Westin in 1988, the building was purchased by Parallel from Guggenheim Real Estate.

“One of the most desirable coastal markets in the region, downtown Long Beach is undergoing a significant renaissance, and transforming from a maritime-centric economy into one of Southern California’s most diversified and dynamic waterfront urban destinations to live, work and play,” said Matt Root, CEO of Parallel. “Adding to its appeal, the property is in close proximity to the ports of Long Beach and Los Angeles – two of the most active ports in the nation – as well as a number of high-profile Pacific Rim companies.”

According to Parallel, the tower is currently at 90% occupancy, with the 383,652 sq. ft. building being home to the General Services Administration U.S. Customs Office, Comerica Bank, Tidelands Oil, multiple Department of Defense offices and UBS Financial Services.

The building was the first LEED Silver-certified building in Long Beach and, according to Root, Parallel plans on getting LEED Gold certification later this year.

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