Nestlé will exit LA, leaving almost 400K sf vacant
Swiss food company Nestlé S.A. is saying goodbye to Glendale, and leaving a large chunk of vacant space in its wake.
The company announced Wednesday that it will relocate its U.S. headquarters to Rosslyn, Virgina, citing a need to be closer to its stateside business operations and customers, the Los Angeles Times reported. It will vacate the 378,452 square feet it takes at 800 North Brand Boulevard by the end of the year.
The 518,302-square-foot building is fully leased with Nestlé taking more than half of the 22-story building, CoStar shows. Nestlé USA moved to Glendale in 1990 – and first signed a lease at the building in 2006.
The property is owned by Georgia-based Piedmont Office Realty Trust Inc., a real estate investment trust specializing in ownership and management of Class A office buildings. The firm purchased the building in 2002 for $157 million, or $303 a foot.
Tim Miller of JLL is the leasing broker.
Nestlé USA has a staff of 1,200 at its Glendale headquarters. It will relocate 750 employees to Virginia and 300 to Solon, Ohio. The remaining employees will move to St. Louis, Missouri as part of a reorganization of Nestle’s IT division. [LAT] — Subrina Hudson