The Tape
100 Oceangate StSold

Everyone’s Running From Office. The Government Just Bought One.

The Port of Long Beach paid $36 million for a 225,486 SF Class A tower — 36% vacant.

By David SafaiFollow

At a glance

Sale Price
$36.0M

confirmed close Aug 26 2026

Price / SF
$159.66/SF

gross building area

Price / Land SF
$251.20/SF

143,312 SF lot

Price / Acre
$10.94M

3.29 acres

Gross SF
225,486 SF

15 stories · steel frame

Vacancy (Subject)
36.4%

vs 21.1% submarket avg

Year Built
1971

55 years old at close

Hold Period
119 months

~9.9 years, seller: Faring

ULA Tax Estimate
$1.98M

Measure ULA, seller-side

Parking
382 stalls

62 surface · 320 covered

What matters

  1. Government is the bid for empty Class A.Recorded buyer is the Port of Long Beach. True buyer is the Port of Los Angeles. User. Government. CoStar prices the Aug 26, 2026 close at $36,000,000 confirmed, $159.66 a foot on 225,486 square feet. Faring held it 119 months.
  2. $160 a foot versus $218 in the submarket.This tower was 36.4% empty. 92,426 square feet was for lease at sale. Asking $29.40 to $33.00 full service. 
  3. Fifteen stories, 1971, Class A. Typical floor 15,370 square feet.  320 Parking Spaces. 
  4. No listing broker. No buyer broker. Using this to Track Buyers and Market Data.  
100 Oceangate St photo
LISTING PHOTO VIA COSTAR.

What an Operator Sees

The Port closed $36 million — $159.66 a foot — on a 225,486-square-foot downtown Long Beach Class A tower that was 36.4% vacant, with roughly 92,000 square feet still for lease. Submarket average sits nearer $218 a foot. Faring had held it about ten years.


Private office capital is running from vacancy like this. A government user just bought it anyway.


That is the missed implication for LA County office owners: when the only credible bid on a half-empty tower is a public user, the floor is no longer set by investor yield math. Nearby landlords should ask whether their next exit is another landlord — or an agency that does not need a cap rate.


I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.


Follow Atlas Brief on X for daily Los Angeles commercial real estate deals, market data and development news:


https://x.com/AtlasBriefLA


Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.


Property and transaction data: CoStar Research.

Write to David Safai at David@AtlasBrief.La

Appeared in the Sept. 5, 2026 edition of The Tape.