GSA Inks $80 Million in Lease Renewals at Class A Long Beach Office Tower
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LONG BEACH, Calif. - Californer -- San Diego-based Parallel Capital Partners Inc. has announced $80 million in lease renewals – spanning over 140,000 square feet – with the U.S. General Services Administration (GSA) at Shoreline Square, a Class A office tower at 301 East Ocean Blvd., in Long Beach, Calif.

Owned and operated by Parallel Capital Partners, a commercial real estate investment and operating company, the 20-story Shoreline Square encompasses 410,114 square feet of premier office space.

According to Matt Root, CEO of Parallel Capital Partners, Shoreline Square is currently 87% percent leased, an impressive figure considering pandemic related challenges. "This is a highly desirable property ideally located near the ports of Long Beach and Los Angeles – in a dynamic and diversified waterfront urban locale – and is also LEED-Gold certified, with a 91 Energy Star score, the equivalent of using 42% less energy than the national median average for similar building size, location and type," Root said. Adding to the building's appeal, he said, is the recent installation of a state-of-the-art needlepoint bipolar ionization air sterilization system designed to protect people from pathogens and eliminate pollutants in the air.

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Part of a master-planned, mixed-use development in the heart of the Long Beach's Central Business District, the Shoreline Square building is also home to Comerica Bank, Tesoro Refining & Marketing Company, Mieco, Inc, the State of California and Dassault Systems Americas.

Brian Saal of CBRE represented Parallel Capital Partners and John Winnek of Cushman & Wakefield represented both tenants.

About Parallel Capital Partners, Inc.

Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets in the Pacific Southwest, including Hawaii. Parallel's current property holdings include over five million square feet and a valuation of more than $1 billion with over two million square feet in the greater Phoenix metro area. For more information visit www.parallelcapitalpartners.com.