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2/15/22
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DivcoWest has obtained $145 mil in refinancing for Glendale Plaza, a 542k sf, recently renovated Class A office tower in Glendale. Located at 655 N. Central Ave, Glendale Plaza is a 24-story, LEED Platinum-certified office tower.
The building was originally constructed in 1999 and is currently 77% leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure. The location is parallel to the Ventura (134) Fwy.
The five-year, floating rate over 30-day LIBOR loan was arranged by Brad Zampa, Michael Walker, and Greg Grant with CBRE’s Debt & Structured Finance group and funded through a multinational investment banking company.
DivcoWest acquired Glendale Plaza in 2017 and has invested over $17 mil into building upgrades. The improvements include introducing an indoor/outdoor experience to the building lobby and common areas; adding a new event and conference center for tenant use; creating a state-of-the-art fitness area; modernizing the restrooms; and adding a tenant concierge mobile app service. Plans are also underway to add a restaurant and café.
More than 225k sf of new leases and lease renewals have been completed at Glendale Plaza since DivcoWest assumed ownership.
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