Swiss bank Credit Suisse buys Glendale office for nearly $59M

Seller was JV between Morgan Stanley and Lincoln Property Co.

Los Angeles /
Jul.July 06, 2017 03:30 PM

Switzerland may be the keeper of secret cash from around the world, but that doesn’t mean Swiss money itself doesn’t travel.

Swiss bank Credit Suisse recently acquired a Class A office building at 207 Goode Avenue in Glendale in an all-cash deal for $58.75 million, or about $311 per square foot, The Real Deal has learned. It’s comparable to recent office transactions in the submarket, such as Kennedy Wilson’s $330 per square foot purchase of two buildings on N. Brand Boulevard in May.

The seller, a joint venture between Morgan Stanley and Lincoln Property Company, bought the 190,000-square-foot glass building in 2010 for about $23 million, or $121 per square foot, records show. At the time, the brand new structure developed by Maguire Properties was in distress due to a slow lease-up, according to Real Capital Analytics.

In the years following, Morgan and Lincoln leased the eight-story building up to 76 percent occupancy, said Kevin Shannon of Newmark Knight Frank, who brokered both sides of the deal with colleagues Rob Hannan and Michael Moll. Tenants include Whole Foods corporate, Canon Solutions, and Equinox.

Credit Suisse, based in Zurich, manages about $42.8 billion in real estate assets, according to its website. The properties are scattered around the world, mostly in Geneva and Lausanne, Switzerland, RCA shows. This is the bank’s only property in L.A., Shannon said.

In February, DivcoWest closed on its $179 million acquisition of Glendale Plaza. The deal penciled out to be about $337 per square foot, according to RCA.

Lincoln Property is behind a major Culver City project in the works. When complete, it will house the new headquarters of HBO, TRD reported Tuesday.


Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
arrow_forward_ios

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

Loading...