L.A.’s Izek Shomoff Buys SoCal Office Tower at 63% Discount
Seller Manulife Financial paid $136 million for the office in 2013
By Nick Trombola November 3, 2025 2:25 pm
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Shomof Group founder Izek Shomof is on the hunt for discounted office assets in Southern California, and a tower in Long Beach is the latest to get nabbed in his net.
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 provided a $25 million acquisition loan, records show.
Shomof’s deal is equal to roughly $109 per square foot. That’s 63 percent less than the $135.5 million that the seller — a subsidiary of Manulife Financial — paid for the office building in 2013.
The Real Deal first reported the news. Representatives for Shomof, Manulife and East West did not immediately respond to requests for comment.
Long Beach’s office availability rate is more palatable than Downtown Los Angeles’, but it’s still high at 23.8 percent, according to the latest regional report from Savills. And investors like Shomof have been far more active this year taking advantage of a market on the mend.
In February, the investor paid $58.8 million for Beacon Capital Partners’ 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.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
