The Port of Long Beach snapped up a downtown Long Beach office tower as vacancies climb to record levels, and values continue to slide. The port authority acquired the 13-story office building at 100 Oceangate, across the street from its headquarters, for $36 million, the Los Angeles Times reported. The purchase gives the port control of a 225,500-square-foot property it plans to transform into a hub for shipping, logistics and trade-related businesses while also housing its internal workforce training program. Port CEO Noel Hacegaba framed the purchase as both a real estate play and an economic development strategy. With downtown […]
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