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CBRE Global Investors Fund Acquires Glendale Assets for $122M
A CBRE Global Investors’ fund acquired three assets in Glendale, CA from Blackstone Group for a reported $122 million. The 89.9% leased properties include 801 N. Brand, a 290,847 square foot trophy-quality office building; 700 N. Central, a 136,016 square foot office building; and a 50% ownership interest in an adjacent parking structure at 127 Burchett St.
The acquisitions were made by CBRE Strategic Partners U.S. Value 8 fund. The nearly 878,000-square-foot bundled purchase is “a good fit with our fund’s transit-connected edge city strategy,” noted CBRE Global Investors’ Robert Perry, the fund’s portfolio manager.
The office buildings are well-located, with convenient access to major freeways and proximity to several retail amenities. Both buildings have been recently renovated and feature efficient floorplates. 801 N. Brand is recognized among the top three buildings in the submarket, and a planned capital program is expected to further enhance the property’s position in the market with additional amenities in the common areas.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
