Beacon Capital Partners has struck a deal to buy the 408,000-square-foot Glendale City Center office for $128.5 million, or about $315 per square foot. The price is $20 million cheaper than the $148.5 million, or $365 per square foot, Legacy Partners paid in 2007.
The seller, PGIM Real EState, obtained the property in 2014 from Legacy Partners when the latter defaulted on the $122.5 million loan it had provided, CRE Weekly reported.
Located at 101 North Brand Boulevard, the office complex has 19 stories, an attached eight-level parking garage and ground floor retail anchored by an Olive Garden and California Pizza Kitchen.
Across the street from the Glendale Galleria shopping mall, the center is about 90 percent occupied with tenants including Pacific Global Investment Management and Legalzoom. Additional amenities include an electric car charging station.
As of the end of last year, Glendale’s office submarket spanned 6.6 million square feet and saw a vacancy rate of just under 13 percent. Asking rents averaged $2.55 a square foot a month. [CREW] — Cathaleen Chen