Blackstone lists two Glendale office properties as a package deal

Neighboring buildings total 414K sf and are 85 percent leased

TRD LOS ANGELES /
Aug.August 23, 2017 08:00 AM

Blackstone Group is continuing its selling spree. This time, the company is offering a two-for-one deal, seeking a single buyer for two of its Glendale office properties.

The neighboring buildings, at 801 N. Brand Boulevard and 700 N. Central Avenue, are expected to trade for $124 million, or $300 per square foot, unidentified sources told REAlert.

The buildings total 414,000 square feet and are 85 percent leased, REAlert reported. 

The 13-story building at 801 N. Brand is 283,000 square feet. Its tenants include New York Life, Americas United Bank and Search Agency.

The second offering at 700 N. Central is an eight-story, 131,000-square-foot building with tenants that include Fuse Media, Gamblit Gaming and California Public Employment Relations Board, according to REAlert.

The package was part of a portfolio owned by Maguire Properties that fell into receivers’ hands during the economic downturn. Blackstone’s Equity Office arm scooped up the buildings in 2012, paying special servicer LNR $73.2 million, or $177 per square foot. [REAlert] — Subrina Hudson


Related Articles

arrow_forward_ios
19191 South Vermont Avenue (Credit: CBRE)

Blackstone sells Torrance office complex for $56M

Blackstone sells Torrance office complex for $56M
900 Corporate Pointe

Blackstone provides $110M loan on Culver City office buy

Blackstone provides $110M loan on Culver City office buy
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
Bob Iger, Reed Hastings and (clockwise from top left) Sunset Las Palmas, Sunset Bronson and Sunset Gower Studios (Getty, Google Maps)

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs
Photo illustration of Hudson Pacific Properties CEO Victor Coleman and Blackstone Group President Jonathan Gray (Coleman by Rich Polk/Getty; Gray by Drew Angerer/Getty; Top Gun by Paramount Pictures/Sunset Boulevard/Corbis/Getty)

Inside Hudson Pacific and Blackstone’s field of streams

Inside Hudson Pacific and Blackstone’s field of streams
Hudson Pacific Properties CEO Victor Coleman (Illustration of Victor Coleman by The Real Deal; iStock; Coleman via Hudson Pacific)

Hudson Pacific is effusive about Blackstone deal, defensive about office space

Hudson Pacific is effusive about Blackstone deal, defensive about office space
arrow_forward_ios

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

Loading...