Long Beach World Trade Center sale stalled
Plans by the Port of Long Beach to buy the Long Beach World Trade Center office complex have stalled.
The due diligence period of the planned transaction expired last week without the Board of Harbor Commissioners agreeing to complete the $130-million deal, effectively killing it.
Commissioners earlier split 2 to 2 on a vote with President Susan Wise abstaining because she and her husband lease space in the Ocean Boulevard tower.
The owners of the trade center, Legacy Partners, asked the state’s Fair Political Practices Commission to rule on whether Wise’s recusal must stand and are waiting for a decision.
“If she is allowed to vote and she votes no, we’re big boys and will move on,” said Greg Hall, a managing director at Legacy. “We just wanted to see a fair vote.”
Legacy is not marketing the 575,000-square-foot building to other potential buyers, he said.
Photo: Long Beach World Trade Center. Credit: Legacy Partners