Newmark, as exclusive advisor, is pleased to present the unique opportunity to acquire a fully entitled, 12-story, trophy office tower with in-place income slated for adaptive reuse to multifamily in Downtown San Pedro, just one block from the ocean and two blocks from the West Harbor mega-project. The mega-project is being developed by The Ratkovich Group (completion in 2025). Topaz Tower Apartments will consist of 246 studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments (all market-rate) with exceptional views of the Pacific Ocean, balconies in 50% of the units, and a spectacular rooftop amenity deck with a resort-style pool. It is located in a Qualified Opportunity Zone (OZs). Topaz Tower Apartments gives a developer the opportunity to execute a well-thought-out, adaptive reuse entitlement from a trophy office tower to a Class A, high-rise apartment project. The micro-location, area demographics and market fundamentals, ample parking onsite, 13’6’’ ceiling heights, and structural functionality of the existing building all lend itself to a fantastic multifamily development opportunity in San Pedro.