More office space has been added to the market in the Greater Los Angeles area. In the heart of Long Beach, a commercial property at 1501 Hughes Way has recently been listed for sale at an asking price of $18.5 million, or approximately $236 per square foot.
The property is marketed by Sync Commercial. It last traded in 2020 for $16 million, or about $204 per square foot, when it was acquired by an entity affiliated with Manifold Pacific INTL Investment LLC, according to public records.
The building stands four stories and spans 78,404 square feet. According to the marketing brochure, the property features a “saw tooth” design, complemented by a modern black and silver reflective glass exterior, and the surrounding campus-like environment features landscaped grounds and 50 parking spaces.
The property has undergone recent upgrades, enhancing both its aesthetic and functional aspects. Renovations to the lobby, corridors and elevator cabs have been done.
Currently housing 10 tenants, the property boasts an occupancy rate of 62 percent. Current occupants include Stars Behavioral Health Group, OLN, Dynamic Edge Consulting and many others.
Positioned within blocks of the Interstate 405 and 710 interchange, the property offers accessibility to Los Angeles, Orange County, and is in close proximity to Downtown Long Beach, Long Beach Airport LAX, and the Palos Verdes Peninsula.
The surrounding area has seen similar properties trade hands over the past several years. According to Sync Commercial, a 73,818 square foot office building at 5000 Airport Plaza Drive sold in 2022 for $17.28 million, or about $234 per square foot. Around that same time, a 53,817 square foot office building at 3901 Via Oro Ave. traded for $20 million, or about $371 per square foot.
