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Rail News Home Intermodal

9/7/2011



Rail News: Intermodal

Long Beach port buys new HQ building, renews Toyota lease


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The Port of Long Beach, Calif., recently signed an agreement to purchase the 27-story One World Trade Center building in downtown Long Beach to serve as new administrative offices. The building would replace the port’s 52-year-old headquarters.

The Board of Harbor Commissioners approved the sale agreement, which calls for purchasing the building for $130 million. The port’s existing seven-story, 120,000-square-foot administration building is “overcrowded, obsolete and in need of a major seismic upgrade,” port officials said in a prepared statement. The building also needs extensive repairs to elevator, HVAC and other systems, they said.

Meanwhile, the harbor commissioners also approved a $240 million, 20-year lease renewal with Toyota Motor Sales U.S.A. Retroactive to Jan. 1, 2009, the new lease expires at 2028’s end.

Toyota occupies about 144 acres in the northern portion of the port, which receives between 200,000 and 300,000 Toyota, Lexus and Scion vehicles imported from Japan each year. Toyota became a port tenant in 1981.


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