CBRE Arranges $179M SoCal Office Sale
- Mar 21, 2017
Los Angeles—CBRE arranged the sale of Glendale Plaza, a Class A office tower in Glendale, Calif., to DivcoWest for $179 million. PGIM Real Estate sold the property for less than the $215 million it paid for it in 2006.
CBRE’s Sean Sullivan, Todd Tydlaska and Michael Longo represented the seller, Brad Zampa procured financing for the buyer, while Doug Marlow and Scott Crawshaw acted as the leasing market experts.
Located at 655 North Central Ave., the 24-story building is the tallest office tower in the central business district of Glendale. The 547,301-square-foot rentable building is approximately 95 percent leased to 19 tenants, predominantly entertainment and financial-services firms. The LEED Platinum certified property, built in 1999, includes an eight-story adjacent parking structure. Having easy access to the Golden State, Ventura and Glendale freeways, the asset is minutes away from downtown Los Angeles, Pasadena and Burbank.
“This is a quality office tower in the middle of a market that has been going through an exciting transformation,” said Tydlaska in prepared remarks. “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.”
The Tri-Cities market encompasses nearly 27 million square feet and includes several submarkets, including Burbank, Glendale and Pasadena. It had a vacancy rate of approximately 11.8 percent toward the end of 2016, below the county average of 13.4 percent and third-lowest among the region’s eight markets, according to CBRE research.
Image via Yardi Matrix