UPDATED, 6:26 p.m., May 26: After buying an office building at 500 North Brand Boulevard in Glendale for $95 million in 2013, Granite Properties is under contract to purchase the building’s neighbor, The Real Deal has learned.
Granite is close to closing on a deal to buy the roughly 304,000-square-foot Class A office building at 550 North Brand for approximately $80 million, or $262 a square foot, sources said. It will be the first time the property has traded hands in 26 years.
Anneke O. Greco, Patrick Church and Gil Canton of JLL represented the seller, New York’s Clarion Partners. Clarion bought the building way back in 1990 for $75 million.
The brokers, Granite and Clarion could not be reached for comment.
Granite, a Piano, Texas-based firm, has a local office in Manhattan Beach. The price it paid per square foot is roughly in line with market averages, according to data from CoStar.
Average rent at 550 North Brand, built in 1987, is $33 a square foot a year, or $2.75 a square foot a month, according to CoStar. It is slightly higher than Glendale’s first quarter average of $2.57, according to a report by Transwestern.
The property is 86.8 percent leased by tenants that include Global Holdings; Hutchinson and Bloodgood; and Knapp Petersen & Clarke, according to CoStar.
Correction: This article has been updated to reflect the correct square footage of the building.