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SOUTHERN CALIFORNIA NEWS
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DivcoWest Closes $179 Mil Tri-Cities Office Buy

3/02/17

DivcoWest has purchased Glendale Plaza, a 24-story, 547.3k sf trophy office tower in Glendale. From what we’ve heard, the deal had a price tag of $179 mil, or around $327/sf.

Glendale Plaza, located at 655 North Central Ave, is the tallest office tower in the central business district of Glendale, the third-largest city in Los Angeles County. The building is 95% leased to 19 tenants, predominantly entertainment and financial-services firms. The LEED-Platinum certified property, which was built in 1999, includes an eight-story adjacent parking structure and features sweeping views of downtown Glendale and the San Gabriel Mountains.

CBRE’s Sean Sullivan, Todd Tydlaska, and Michael Longo represented the seller, Prudential Financial Inc, who acquired the asset 10 years earlier. CBRE’s Brad Zampa procured financing for the buyer and Doug Marlow and Scott Crawshaw, also with CBRE, acted as the leasing market experts.

Glendale’s office submarket, part of Los Angeles County’s Tri-Cities market, has been improving steadily. The Tri-Cities market had a vacancy rate of approximately 11.8% toward the end of last year, below the county average of 13.4% and third-lowest among the region’s eight markets, according to CBRE research. It encompasses nearly 27 msf and includes the cities of Burbank, Glendale and Pasadena, plus four other adjacent, smaller submarkets.

“This is a quality office tower in the middle of a market that has been going through an exciting transformation,” said Tydlaska. “Glendale has experienced a significant evolution with over 3,500 new apartments constructed in the CBD since 2013, plus several new retail and entertainment venues coming online. Look at the Americana at Brand or walk along any of the major streets in Glendale, and you realize this has turned into a true live-work-play market.”

Nearly 1.8 msf of positive net absorption has occurred in the Tri-Cities since the beginning of 2011, decreasing the market’s vacancy rate from 17% at year-end 2010. The influx of a massive amount of new residential and mixed-use construction projects in Glendale has been a significant contributor to the office market’s resurgence.






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