{"id":36328,"date":"2025-11-03T19:47:09","date_gmt":"2025-11-03T19:47:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/36328\/"},"modified":"2025-11-03T19:47:09","modified_gmt":"2025-11-03T19:47:09","slug":"l-a-s-izek-shomoff-buys-socal-office-tower-at-63-discount-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/36328\/","title":{"rendered":"L.A.\u2019s Izek Shomoff Buys SoCal Office Tower at 63% Discount \u2013 Commercial Observer"},"content":{"rendered":"

Shomof Group founder Izek Shomof is on the hunt for discounted office deals in Southern California, and a tower in Long Beach is the latest to get nabbed in his net.\u00a0<\/p>\n

Shomof paid $50 million for Landmark Square, a 24-story, 460,000-square-foot office building at 111 West Ocean Boulevard, PropertyShark records show. East West Bank<\/a> provided a $25 million acquisition loan, records show.<\/p>\n

SEE ALSO: J.P. Morgan Community Development Mounting in Massachusetts<\/a><\/p>\n

Shomof\u2019s deal is equal to roughly $109 per square foot. That\u2019s 63 percent less than the $135.5 million that the seller \u2014 a subsidiary of Manulife Financial<\/a> \u2014 paid for the office building in 2013.\u00a0<\/p>\n

The Real Deal first reported the news<\/a>. Representatives for Shomof, Manulife and East West did not immediately respond to requests for comment.\u00a0<\/p>\n

Long Beach\u2019s office availability rate is more palatable than Downtown Los Angeles\u2019, but it\u2019s still high at 23.8 percent, according to the latest regional report from Savills<\/a>. And investors like Shomof have been far more active this year taking advantage of a market on the mend.\u00a0<\/p>\n

In February, the investor paid $58.8 million for Beacon Capital Partners\u2019 101 North Brand Boulevard in Glendale, which Beacon paid $128.5 million for less than 10 years ago. And last spring, Shomof paid just $20.5 million for the 12-story 617 West Seventh Street in Downtown L.A., nearly 50 percent less than the Swig Company paid in 2011.<\/p>\n

Nick Trombola can be reached at ntrombola@commercialobserver.com.<\/p>\n","protected":false},"excerpt":{"rendered":"Shomof Group founder Izek Shomof is on the hunt for discounted office deals in Southern California, and a…\n","protected":false},"author":2,"featured_media":36329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[8815,25525,25526,25527,131,133,132],"class_list":["post-36328","post","type-post","status-publish","format-standard","has-post-thumbnail","category-long-beach","tag-channel","tag-investments-sales-111-west-ocean-boulevard","tag-izek-shomof","tag-landmark-square","tag-long-beach","tag-long-beach-headlines","tag-long-beach-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/36328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=36328"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/36328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/36329"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=36328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=36328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=36328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}