Long Beach, CA – February 19, 2026 — Omninet has successfully closed a $95MM CMBS loan with Bank of America for Freeway Business Center in Long Beach, marking the conclusion of a remarkable turnaround for one of the company’s most challenging assets.
Located at 1500 Hughes Way in Long Beach, CA, Freeway Business Center is a 500,000 SF single-building office complex comprising three large-format pods. Omninet acquired the property in 2012, stabilizing the property at occupancy levels of 85% or above. When an anchor tenant vacated approximately 160,000 square feet in 2018, occupancy dropped to 53%. The onset of COVID-19 further compressed occupancy to just 31% — the most difficult conditions for office assets in recent memory.
Rather than returning the property to the lender under the non-recourse loan structure, Omninet’s team used its leasing relationships and active asset management to re-stabilize the asset and protect the capital of its lending partner and investors. Few firms would commit the capital and resources required under such adverse conditions, and this decision reflects Omninet’s differentiated approach to asset management and its commitment to fiduciary excellence.
The turnaround was driven by a series of significant leasing milestones. In 2023, Omninet executed a 207,000 SF, 15-year lease with a Los Angeles County government agency — one of the largest leases in the greater Los Angeles market that year. In 2024, a City of Long Beach government tenant more than doubled its space to nearly 47,000 SF on a new 10-year term. Most recently, a 90,000 SF lease was signed with a AAA-rated credit tenant.
In under two years, Omninet drove occupancy from approximately 30% to over 90% through disciplined leasing, construction management, and institutional-grade asset management. Securing CMBS financing on an office asset during one of the most challenging periods in the office market is a testament to Omninet’s vertically integrated platform and its team’s exceptional execution.
