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The Real Deal Los Angeles

Blackstone just sold a pair of Glendale office buildings for $122M

Private equity firm put the properties -- which span 414K sf -- on the market in August
By Natalie Hoberman | January 09, 2018 01:00PM

801 N. Brand Boulevard and 700 N. Central Avenue with Danny Queenan (Credit: Google Maps, CBRE)

CBRE Global Investors paid Blackstone Group $122 million, or $294 per square foot, to acquire two office buildings in Glendale in December, The Real Deal has learned. The New York-based private equity firm first listed the buildings in August as a two-for-one deal.

The neighboring buildings — found at 801 N. Brand Boulevard and 700 N. Central Avenue — total 414,000 square feet. Tenants at the 13-story, 283,000-square-foot building at 801 N. Brand include New York Life, Americas United Bank and Search Agency. Gamblit Gaming, Fuse Media and California Public Employment Relations Board lease space at the eight-story, 131,000-square-foot office tower at 700 N. Central.

Blackstone’s Equity Office Properties arm paid $73.2 million to special servicer LNR Partners for the properties in 2012, Real Capital Analytics records show.

Andrew Harper of HFF had the listing, but could not be reached for comment. Blackstone and CBRE did not immediately return requests for comment.

The recent deal comes as Blackstone unloads the Equity Office portfolio it acquired in 2007 as part of a $39 billion leveraged buyout. The firm sold the 212,000-square-foot property next door at 700 N. Brand Boulevard to Canadian developer Onni Group for $55.3 million in November. At the time, it was believed to be one of the sole remaining properties from the portfolio.

CBRE Global Investors, the investment arm of commercial brokerage CBRE, already has a bulky property in nearby Pasadena. The company acquired the 463,000-square-foot Pasadena Towers at 800 E. Colorado Boulevard and 55 S. Lake Avenue for $257 million in February 2016.