Selling an Office Building During a Pandemic
Amid government office closures, we assisted our client, the Port of Long Beach, in selling its interim administrative office building.
This was a sale of a ground leasehold interest in a business park, and included navigating maintenance agreements, CC&Rs and parking easements. We had represented the Port in the acquisition of the building in 2012 and was familiar with the complex property, located near the Long Beach Airport. Lender financing was provided, and we advised and documented the financing as well. We worked with the client to have a comprehensive right of entry and due diligence agreement as well as a purchase agreement to enable the purchaser to commence due diligence while the purchase agreement made its way through the approval process.
The transaction closed on time during the pandemic while many offices, including government offices and recorders, were closed.