What do you do with a nearly vacant 24-story office tower in today’s market? If you’re developer Izek Shomof, you convert it into 391 residential units.
Shomof recently acquired the 460,000-square-foot tower at 111 West Ocean Boulevard in Long Beach for approximately $50 million — less than half of its valuation a decade ago. The plan: a full office-to-residential conversion that directly addresses two of the most pressing challenges in commercial real estate today — rising office vacancies and a persistent housing shortage.
In this video, Maher Commercial Realty breaks down:
▶ Why office-to-residential conversions are accelerating across Los Angeles
▶ How distressed office assets are being repositioned at steep discounts
▶ What this trend means for investors, developers, and the broader L.A. market
▶ Why Long Beach is emerging as a market to watch
Office-to-residential conversions are one of the most significant and closely watched trends reshaping commercial real estate — and deals like this one are setting the tone.
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