The Port of Long Beach purchased a 13-story office tower to act as a hub for maritime companies and eventually increase business in downtown.
Situated at 100 Oceangate, the building towers over downtown and overlooks the port. It was purchased for a whopping $36 million in hopes it could become home to shipping and logistics companies.
“This is a building that we are going to be invested for in the long haul,” Noel Hacegaba, CEO of the Port of Long Beach, said.
Hacegaba said the office tower is an investment as part of the city’s AnchorLB initiative, which is the mayor’s plan to incentivize international shippers, logistics firms and global trade companies to place their corporate offices and headquarters in downtown.
“We have to think about what are our natural advantages here in Long Beach,” Mayor Rex Richardson said. “We are fortunate that our Port of Long Beach is one of the fastest growing in America, and it’s anchored adjacent to our downtown.”
The mayor said the goal is to use the port’s growth to create demand, which would in turn help downtown recover from high office vacancy rates that have lingered since the pandemic.
“One of the key objectives is to help revitalize downtown by attracting entities and companies that already do business at the port,” Hacegaba said.
To learn more about AnchorLB, click here.