A 25-story office tower in Glendale was sold on Tuesday for $179 million, according to a source familiar with the deal, a steep discount from its prior sale about a decade ago for $215 million.
The buyer, real estate investment firm DivcoWest, confirmed its acquisition, though not the price. The company purchased the Glendale Plaza building for $327 a square foot from Prudential Financial Inc., which had picked up the property in 2006 – a boom time in L.A. real estate before the financial crash.
The property, at 655 N. Central Ave. near the 134 freeway, appealed to Divco for its proximity to the city’s shopping and apartment hubs, the company said.
“Developers like Rick Caruso have created a powerful sense of place in Glendale with visionary retail and residential developments like Americana at Brand,” Michael Provost, Divco’s managing director, said in a statement. “We like what we see in terms of the creation of a live-work-play environment.”
Divco plans to spruce up common areas in the 547,300-square-foot building and aims to eventually capitalize on rents that have been steadily creeping upward in the submarket, the company said.
CBRE’s Sean Sullivan, Todd Tydlaska, and Michael Longo represented Prudential in selling Glendale Plaza, while Divco represented itself.