Onni Group picks up Glendale Center for $83M

Los Angeles /
Mar.March 01, 2017 12:00 PM

Canadian developer Onni Group acquired a Glendale office building formerly owned by MPG Office of Los Angeles for $83 million, or $217 a square foot, The Real Deal has learned.

Special servicer LNR Partners took over the Glendale Center in 2012 after MPG defaulted on a $125 million CMBS mortgage securitized through Wachovia Bank Commercial Mortgage Trust. LNR tapped Eastdil Secured to market the 14-story property in October. 

The 390,000-square-foot building, at 611 N. Brand Boulevard, is 95 percent occupied. Its tenants include YP Holdings, formerly Yellow Pages, which has its digital business there, and Walt Disney Co.

Maguire Properties, MPG’s predecessor, paid $71.1 million for the center in 2003. The property was constructed in 1973 and renovated in 1996.

The building was appraised in March at $91 million, or $233 a square foot, according to a servicer report.

Onni has been on an L.A. shopping spree in recent months. The company also acquired the L.A. Times building, at 202 W. 1st Street, last fall and unveiled plans to build a 1,127-unit two-tower complex on the site as well as shops and restaurants, The Real Deal previously reported. It is also planning a 48-story tower at 1000 S. Hill Street in South Park.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Rossano De Cotiis, Tom Grane of Mob Scene, and Wilshire Courtyard (Credit: LinkedIn and Michael Maltzan Architecture)

Oh, Canada! Tenant accuses Onni Group of trying to pilfer PPP funds

Oh, Canada! Tenant accuses Onni Group of trying to pilfer PPP funds
Onni Group President Rossano DeCotiis, WeWork CEO Sandeep Mathrani, and Wilshire Courtyard

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment
Rossano de Cotiis and the Violet Street development site (Credit: Google Maps)

Onni Group back with a new plan for Arts District project

Onni Group back with a new plan for Arts District project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...