Lincoln Property Co. Nabs LA-Area Office Tower
- Apr 11, 2017
Lincoln Property Co. and Long Wharf Capital purchased an eight-story office building in Glendale, Calif. The companies acquired the building located at 520 N. Central Ave. for $19.6 million, according to Yardi Matrix.
The 101,526-square-foot office tower completed in 1986 features controlled access, high ceilings, strong window lines and 305 parking stalls. The property’s tenant roster includes North American Title, Logic Mate International and H&R Block. Lincoln intends to renovate and reposition the newly acquired asset over the next several months. Planned renovations include modernizing the outdoor amenity space, upgrading the lobby and common areas, as well as material upgrades to four rare full floor vacancies. The renovation is being led by Lincoln Property Co.’s West Coast arm, which recently announced significant expansion of its operations.
“Coupled with its immediate access to nearby retail, entertainment and housing options, the investment we’re making to upgrade the property will make it more desirable for job-producing companies,” Justin Smith, managing director at Long Wharf Capital, said in a prepared statement.
The tower is within walking distance from Americana at Brand, a mixed-use property including 475,000 square feet of luxury retail space. Additionally, the building is two blocks away from 134 Freeway.
Images courtesy of Yardi Matrix