|
|
1/31/18
|
Two Class A office towers totaling nearly 427k sf of space in Glendale, CA, have sold for $122 mil, or about $285/sf. From what we’re told, a fund advised by CBRE Group acquired the assets from Blackstone Group.
One of the buildings, 700 North Central Blvd was built in 1979 and contains 136k sf over eight floors. The other building, 801 North Brand Blvd, was constructed in 1986 and contains 290.8k sf over 13 floors.
Overall, the properties are 87% leased to a diverse tenant roster, including New York Life Insurance, Service Titan, Fuse, Gamblit Gaming, Intercare Holdings and The Search Agency. The acquisition also included a 50% tenancy in common ownership in the adjacent parking garage at 127 Burchett St, bringing total parking at the properties to 1,113 stalls.
The two buildings are situated along Brand Blvd, the primary pedestrian corridor in Glendale, only one mile from The Americana at Brand. This location has exceptional visibility from the SR 134 Freeway and is close to the Metrolink stop at Glendale, which connects the city with all six Southern California counties.
Ryan Gallagher and Andrew Harper with HFF represented the seller in the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
