Beacon Capital pays $160M to acquire Glendale office building

The Boston-based firm also owns a property on the same block

Nov.November 16, 2018 09:35 AM
Fred Seigel and 800 North Brand Boulevard

Beacon Capital Partners has agreed to pay $160 million to acquire a 22-story tower on Brand Boulevard in Glendale, The Real Deal has learned.

The deal is currently under contract and expected to close by the end of the year, a spokesperson for the firm confirmed. The purchase price pencils out to $303 per square foot.

Piedmont Office Realty Trust is the seller of the 527,340-square-foot office tower. It is currently the only West Coast property held by the Atlanta REIT, which owns about 15.7 million square feet.

The Glendale office tower, located at 800 North Brand Boulevard, served as the headquarters of food giant Nestlé. The company decided to relocate to Virginia in February 2017, after spending nearly three decades in the property.

A source familiar with the property said Nestlé is still paying rent, despite having vacated earlier this year.

Children’s Hospital Los Angeles is still a major tenant at the property, built in the 1990s.

For Beacon, a real estate investment firm based in Boston, the deal is its second large purchase in Glendale in two years. The firm paid $128.5 million to acquire the Glendale City Center, located at 101 North Brand Boulevard, from Legacy Partners in October 2016, TRD previously reported.

The company also invested in an office campus near Los Angeles International Airport in March, paying $43 million to seller LBA Realty, for a three-building complex at Pacific Concourse Drive.

Related Articles

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

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando