January 14, 2019— On the heels of completing $25 million of common area renovations and base building upgrades, One World Trade Center (1WTC), located at the epicenter of downtown Long Beach, has announced a lease with California Resources Corporation (NYSE: CRC) for 72,000 square feet of office space. With this lease, 1WTC has now completed 185,760 square feet of lease transactions since the property was acquired in August 2015 by a venture comprised of Stillwater Investment Group, Greenlaw Partners and affiliates of Walton Street Capital. CRC will be located on floors 2, 9, 10, 14 and 15 within the project and will receive the building top signage as well.
During November 2018, the 27-story, 575,000-square-foot office tower celebrated the grand opening of a new, two-story 36,360-square-foot 24 Hour Fitness Super Sport Club that was constructed in a formerly underutilized retail atrium. The new 24-Hour Fitness anchors 1WTC’s renovated outdoor courtyard that features new seating, landscape, shade structures and artwork, all designed to provide a fresh space that encourages outdoor work and recreation. The addition of a new Specialty’s Café will add to the experience along with a planned tenant recreation room with indoor seating areas, recreational activities and more. The courtyard experience also features superior Wi-Fi capabilities throughout.
In addition to the enhanced courtyard, 1WTC’s newly-modernized lobby has three common-area conference rooms with AV hook-up that are all available for tenant use. 1WTC also encompasses a US post office facility, a day care facility, a conference center and the adjacent Hilton Hotel.
“1WTC is an iconic property that really defines downtown Long Beach,” said John Drachman, founder, Stillwater Investment Group. “It has been exciting to bring a new look and top-of- the-line amenities to 1WTC to make it an ideal tenant location, and the leasing achieved to date confirms it. In today’s market, class A tenants require class A amenities and with all the improvements we have made to 1WTC, we feel it justifies the leasing success.”
As a result of these major upgrades, 1WTC has experienced a significant increase in leasing momentum over the last year that has resulted in the venture completing almost over a number of new and renewal lease transactions that include the following major leases:
- California Resource Corporation, a publicly traded oil and natural gas exploration and production company, signed a new lease comprising 72,000 square feet (represented by Craig Kish, Newmark Knight Frank),
- The Ford Walker Haggerty and Behar law firm renewed and expanded their leased space to 45,000 square feet (represented by Richard Merritt, KM Brokerage Services),
- Oakwood Worldwide (US), L.P., providing furnished and serviced apartments, signed a 19,000-square-foot lease and will relocate its corporate headquarters from west Los Angeles to 1WTC (represented by James Hooks and Seth Wellisch, CRESA),
- The Law Offices of Garcia & Artigliere renewed and expanded their leased space to 10,400 square feet, (represented by Dave Coe, Davco Realty Services),
- Specialty’s Café signed a new lease for 3,500 square feet fronting on the courtyard plaza, (represented by Scott Frazier, Lee & Associates),
The 1WTC venture is represented by Jason Fine, Steve Solomon and Kristen Bowman of JLL.
Fine commented, “2019 is going to be the dawn of a long, prosperous future for Downtown Long Beach. Existing businesses are growing at a steady pace, but more importantly, we see a fairly significant influx of new tenants coming to the city center because they appreciate the investment that is taking place and believe in the vision. Companies are recognizing that a young, educated and creative workforce is gravitating to urban centers. Because Long Beach combines urban amenities and infrastructure with a beach lifestyle, centrally located between Los Angeles and Orange County, it just doesn’t get any better.”
“This is an exciting and dynamic downtown that is now realizing the benefit of significant investment from the new Long Beach Civic Center to the new Courthouse as well as a multitude of new housing options. We are excited to be at the center of the downtown Long Beach evolution providing a corporate environment designed to lead the way,” added Drachman.