Two Glendale Office Buildings SellFriday, March 3, 2017
The Glendale office market heated up this week with two significant transactions that totaled more than $260 million.
Onni Group in Vancouver, Canada, paid $83 million, or nearly $210 a square foot, for the Glendale Center at 611 N. Brand Blvd., according to CoStar Group Inc., a commercial real estate database.
Onni bought the 396,000-square-foot Class A office building from LNR Partners in Miami Beach, Fla. That was 28 percent more than what the property last sold for in 2012, when it traded for $65 million, or about $164 a square foot.
According to CoStar, the 14-story building was built in 1972 and was 94 percent leased at the time of the sale to companies such as Yellow Pages and testing provider PSI Services Inc.
The sale comes on the heels of another significant office building sale in Glendale announced earlier this week. Glendale Plaza at 655 N. Central Ave. sold for $179 million, or about $327 a square foot, to real estate investment firm DivcoWest in San Francisco, according to CoStar. The more than 547,000-square-foot, 24-story office building was sold by Prudential Financial Inc. in Newark, N.J. The insurance company paid $215 million, or $393 a square foot, when it bought the building in 2006, according to CoStar. Neither the buyer nor seller explained why the building sold for less 11 years ago.
DivcoWest said in a statement that it plans to upgrade common areas including the lobby to create what it calls “a tenant experience area.”
Sean Sullivan, Todd Tydlaska, and Michael Longo of CBRE Group Inc. represented Prudential.