Glendale Office Portfolio Sold for $122 Million

A fund managed by CBRE Global Investors Ltd. has acquired two Glendale office buildings and a parking garage from Blackstone Group for $122 million, according to CoStar Group. The nearly 878,000-square-foot bundle consists of a pair of office buildings, located at 801 N. Brand Blvd. and 700 N. Central Ave., and a 50-percent stake in an adjacent parking structure at 127 Burchett St. The CBRE Strategic Partners U.S. Value 8 fund was the buyer. CBRE Global Investors bought the 288,000-square-foot 801 N. Brand building for $43.8 million, or just under $152 a square foot. The fund purchased 700 N. Central for $20.7 million, also just under $152 a square foot. The larger building at 801 N. Brand counts New York Life Insurance Co., Service Titan, America United Bank and cosmetics company Stila as major tenants. At 700 N. Central, major tenants include Fuse Media and Gamblit Gaming. According to CBRE, both office buildings were 89.9 percent leased at the time of sale. “The submarket has experienced significant positive net absorption since 2010, and vacancy is projected to remain low over the next five years,” Robert Perry, portfolio manager for CBRE’s fund, said in a statement. Staff Reporter Ciaran McEvoy contributed to this story.