Izek Shomof Pays $59M for Discounted Glendale Office Tower

Downtown developer Izek Shomof has planted a flag in Glendale, The Real Deal has learned.

Shomof paid $58.8 million, or about $143 per square foot, to Boston-based Beacon Capital Partners to buy the 19-story office building at 101 North Brand Boulevard, according to county property records made public Jan. 15.

The deal wipes out more than half of the property’s value since it last traded hands nine years ago. Beacon Capital acquired the 410,000-square-foot building for $128.5 million in 2016, as TRD previously reported. The firm also snapped up 800 North Brand Boulevard — a 22-story office tower in Glendale — for about $160 million two years later.

Beacon now has five remaining office properties in the greater Los Angeles market, including 800 North Brand, according to its website. A spokesperson for the 75-year-old firm declined to comment on the deal with Shomof.

Glendale is uncharted territory for the Israel-born developer and longtime champion of Downtown Los Angeles.

Shomof was among the first to make use of the city’s 1999 Adaptive Reuse Ordinance, which jump-started Downtown’s revitalization the following decade. His company, Shomof Group, has also expanded into low-income and supportive housing and currently owns properties across Los Angeles and Orange counties and Las Vegas, according to its website.

A spokesperson for Shomof Group did not respond to a request for comment.

It’s unclear how the firm financed the Glendale acquisition or if brokers were involved in the transaction.