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2/14/25
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In a Glendale office buy, a partnership between Landrock LP and Pendulum Property Partners purchased 505 North Brand Blvd, a 329.4k sf, recently renovated Class A tower. The price was about $56 mil, or $170/sf.
The building recently underwent an extensive $14 mil capital renovation, better positioning the asset as a top building within the market by offering tenants a highly-amenitized work environment. The property is leased to a diverse roster of 19 tenants across a broad industry base, with a weighted average remaining lease term of 4.2 years, and offers significant income upside through the lease-up of remaining vacancy at an attractive basis.
The property’s location on North Brand Blvd provides convenient ingress and egress to the 134 Fwy as well as walking access to an abundance of retail and residential amenities, including The Americana at Brand and Glendale Galleria.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, Executive Vice Chairman Kevin Donner, Managing Director Ben Lushing and Director Alex Beaton represented the unnamed seller. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday led market financing alternatives throughout the sales process.
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