Brookfield Office Properties Sells Landmark Square Office Building in Long Beach for ~$136M

Brookfield Office Properties Inc. BPO today announced that it has sold the Landmark Square office building in Long Beach, CA for approximately $136 million or $306 per square foot, resulting in net proceeds of approximately $61 million to the company. Landmark Square, built in 1990, is a 24-story office building on Ocean Blvd. in Long Beach. Brookfield acquired Landmark Square along with the Trizec portfolio in 2006 and integrated it into the company's U.S. Office Fund, in which Brookfield currently owns an 84% interest. The property is 89% leased.