Blackstone sells Glendale office building
for $55M

The building is one of the final properties from $39B Equity Office deal

Nov.November 27, 2017 03:00 PM
The office building at 700 N Brand Boulevard (Credit: Google Maps)

Canadian developer Onni Group acquired the 14-story office, 212,200-square-foot building at 700 North Brand Boulevard — just steps away from the Glendale Center it already owns — for roughly $55.25 million, or $260 a square foot, from Blackstone Group, The Real Deal has learned.

BMO Financial Group provided about $52 million in financing to the buyer, sources said.

The sale is said to be one of the final properties remaining from when the company dished out $39 billion to acquire Equity Office’s assets in 2007. Just this summer, sources told TRD it would be a matter of time before the site, which was never listed on the market, would quietly trade.

Blackstone acquired the 1980s-era property in 2007 at the height of the market for $60.2 million, property records show.

The building, dubbed Glendale Gateway, is home to tenants such as Apollo Medical Group, Citibank and Maverick Medical Group. It includes 594 parking spaces on the 1.6-acre campus.

Tom Bohlinger of JLL brokered the deal. Onni Group did not respond to requests for comment. Equity Offices or Blackstone could not be reached.

Onni has been active in the Southern California commercial market recently. In addition to owning the property at 611 North Brand Boulevard, which it acquired for $83 million in March, the firm also owns the Los Angeles Times building at 202 W. 1st Street. The firm is planning to build a 1,127-unit two-tower complex on the site, while also planning a 48-story tower at 1000 S. Hill Street in South Park. Earlier this year, the company topped off its shopping spree with the $40.7 million purchase of Atria West Office campus in West L.A. and its $34 million purchase of the H.D. Buttercup site in the Arts District.

Related Articles

The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

CPD industrial properties

KOAR affiliate pays $26M for Glendale industrial portfolio

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project