After $25M Renovation, One World Trade Center In Long Beach Sees UpswingRelease Date: 2019-01-17
By: Joseph Pimentel
A $25M renovation of one of Long Beach's iconic office buildings is already paying off. California Resources Corp. is the latest company to sign a lease for office space at One World Trade Center, better known as 1WTC.
The oil and natural gas company will occupy 72K SF of office space at the downtown Long Beach property. Terms of the deal were not disclosed.
JLL’s Jason Fine, Steve Solomon and Kristen Bowman represented 1WTC. Newmark Knight Frank’s Craig Kish represented California Resources Corp.
With the lease, 1WTC has now completed 185,760 SF of lease transactions since a JV of Stillwater Investment Group, Greenlaw Partners and affiliates of Walton Street Capital acquired the property in 2015.
The joint venture purchased the struggling 27-story, 575K SF building from SteelWave Inc. for $105M. The JV immediately launched a $25M renovation plan to upgrade the building, which was built in 1989. Culver City-based SAA Interiors + Architecture was responsible for the renovation design and California Resources Corp. tenant space.
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