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3/31/17
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There have been three leases to report at the newly renovated historic Woolworth building in the heart of downtown Glendale. The leases total 18.6k sf and include two ground-floor restaurant tenants, 85°C Bakery Cafe and The Halal Guys, as well as shared office workspaces tenant Regus, which occupies the entire second floor.
Located at 201 North Brand Blvd, the 44k sf property was originally built in the 1920s and remodeled in 1942, when it became a Woolworth store. The structure was placed on the Glendale Register of Historic Resources in 1999.
The three new tenants all opened their doors this month. 85°C Bakery Cafe is occupying 2.9k sf; international restaurant chain The Halal Guys is occupying 2.3k sf, and Regus is occupying the entire 13.8k sf second floor. The newcomers join existing tenant AT&T, which occupies 3.5k sf.
The property is owned by Gustavo Spoliansky and Loretta Scherer, partners in Los Angeles-based Bow Truss Capital LLC, who acquired the property out of receivership in 2014. It was 89% vacant and functionally obsolete due to its inefficient floor plan, outdated systems, and years of deferred maintenance. It had also lost its anchor tenant.
Bow Truss Capital completed a comprehensive renovation of the property that preserved the asset’s historical character and architectural features. They worked closely with the Glendale Historical Preservation Committee to gain approvals for the façade renovation. The building’s transformation included new windowed retail frontage, brand new building systems, and renovation and refurbishment of its unique historical architectural features.
Mark Evanoff, Andrew Berk and Chase Gordon with Avison Young represented the ownership in these recent leases. They were also involved in advising Bow Truss through the renovation process.
The Woolworth building, which is located at a key intersection in the Theatre District of downtown Glendale, is within a growing residential population of 225,000 people over a three-mile radius and a massive daytime employee population. The area is set to gentrify in the coming months and years, as nearly 3,300 new residential units have recently been completed or are soon coming to the market. The asset is also within a destination retail scene that includes nearby Tender Greens, Chipotle, Nordstrom, Bloomingdale’s The Americana at Brand and hundreds of other high-end amenities along Brand Blvd.
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