A February, 1991, completion date is projected for the $100-million, 26-story Landmark Square in Long Beach, the first co-development in the United States by Tokyo-based Asahi Development (USA) Corp.
Cushman Investment & Development Corp. is the general partner and Asahi Development is the limited partner of the 436,000-square-foot building under construction in the block bounded by Pacific Avenue, 1st Street, Pine Avenue and Ocean Boulevard in Long Beach's downtown redevelopment area. John C. Cushman III of Cushman Investment & Development said that such partnerships are the latest stage in Japanese development in this country.
"Traditionally, Japanese investors purchased trophy properties--high-visibility, institutional-quality buildings--in major downtown financial centers," he said. "Due to a shortage of these buildings and--more importantly--an increasing awareness by Japanese investors of U.S. real estate practices, they are joining hands with established companies and developing real estate."
Long Beach is the fifth largest city in California, but it is fourth in Japanese real estate investment in the entire nation, behind Honolulu, New York and Los Angeles, according to David J. Churton, director of marketing and leasing at Cushman.