Newmark has announced the $60.5 million sale of The Hubb, an 88 percent leased, 210,428-square-foot premier creative office property situated on a full city block in downtown Long Beach, CA. Located at 100 West Broadway, the recently renovated, mid-rise campus situated on just over two acres of land at the “main and main” location of Pine Avenue and West Broadway.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, a joint venture between Singerman Real Estate and Ocean West Capital Partners. The buyer, Redwood Partners, was represented by Bob Safai of Madison Partners.
Originally built in 1986, the six-story property includes an East Tower and a West Tower and underwent a $12 million comprehensive capital improvement program that completed in 2017 which included the addition of high and exposed ceilings, operable windows, polished concrete floors, and full height glass lines. The Hubb features a unique indoor-outdoor amenity area known as the “WorkPark,” which provides a modern outdoor office environment with worktables, seating, lounge chairs and Wi-Fi stations. It also includes an adjacent six-level parking structure. The property has a diverse set of office and retail tenants and its anchor tenant is WeWork which has a long-term lease.
“Ocean West, alongside its capital partner Singerman, executed a tremendous repositioning of this asset and established The Hubb as one of Long Beach’s premier creative office environments,” said Shannon.
Hannan added, “Downtown Long Beach has so much positive momentum right now, from the City’s investment in its own infrastructure, to the development and revitalization of residential, hospitality and retail product. The Hubb’s position as a preferred office destination will only benefit as the City continues this upward trend.”
The Hubb is located in the pulse-center of downtown Long Beach, with Pine Avenue being the focal point for the fine dining and entertainment in the area. Additionally, it is a half-block from the Metro Blue Line’s downtown Long Beach station and is minutes from several regional freeways, the Catalina Express, the Long Beach Airport, CityPlace Shopping Center, and the East Village loft district, all of which contribute to the dynamic urban environment that serves as the civic, economic, and cultural epicenter of the city.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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