Glendale Office Building Fetches $59 Million

Glendale’s newest office building has sold for $59 million, according to Newmark Knight Frank of Los Angeles. The commercial real estate brokerage firm said Credit Suisse bought 207 Goode Ave. for about $311 a square foot from Lincoln Property Co. and Morgan Stanley. The eight-story, Class A creative office building was 76 percent leased at the time of the sale, according to Newmark, with tenants including Avery Dennison, Whole Foods and Canon. The structure sits on more than an acre within the Glendale North Campus and includes features such as column-free floor plates. Lincoln Property Co. and Morgan Stanley bought the property as a distressed short sale, according to CoStar Group Inc., in 2010 for $23 million, or about $122 a square foot, when the year-old building was still vacant. Newmark’s President of Capital Markets for the West Coast Kevin Shannon, Senior Managing Director Rob Hannan and Managing Director Michael Moll brokered the deal on behalf of the sellers. Credit Suisse represented itself.