Office tower sells for nearly $150M

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

G REIT Inc. this week announced the sale of One World Trade Center in Long Beach, Calif., as part of its stockholder-approved liquidation plan. The company sold the 27-story, class A office tower for $148.9 million to Legacy Partners Realty Fund II. Completed in 1989, the property comprises approximately 573,000 square feet and was nearly 88 percent leased at the time of sale to tenants that included the U.S. Customs Service, the Federal Bureau of Investigation, the Department of Defense and the U.S. Postal Service. G REIT originally purchased the property in December 2003 for $113.6 million, according to a press statement. It has sold two properties in 2007 and 10 properties in 2006 pursuant to its plan of liquidation. ...