Integrated sensing and communications (ISAC) has emerged as a promising paradigm to unify wireless communications and radar sensing, enabling efficient spectrum and hardware utilization. A core challenge with realizing the gains of ISAC stems from the unique challenges of dual purpose beamforming design due to the highly non-convex nature of key performance metrics such as sum rate for communications and the Cramer-Rao lower bound (CRLB) for sensing. In this paper, we propose a low-complexity structured approach to ISAC beamforming optimization to simultaneously enhance spectral efficiency and estimation accuracy. Specifically, we develop a successive convex approximation (SCA) based algorithm which transforms the original non-convex problem into a sequence of convex subproblems ensuring convergence to a locally optimal solution. Furthermore, leveraging the proposed SCA framework and the Lagrange duality, we derive the optimal beamforming structure for CRLB optimization in ISAC systems. Our findings characterize the reduction in radar streams one can employ without affecting performance. This enables a dimensionality reduction that enhances computational efficiency. Numerical simulations validate that our approach achieves comparable or superior performance to the considered benchmarks while requiring much lower computational costs.