By Keith Loria, Contributing Editor
Credit Suisse has acquired an eight-story, Class A creative office building in Glendale, Calif., from a joint venture between Lincoln Property Co. and Morgan Stanley, for $59 million.
Newmark Knight Frank represented the sellers in the transaction. The buyer was self-represented. The sellers originally purchased the property in 2013 for $23 million.
“This is the newest office building in the Glendale market that also has a very cool, creative flair,” Kevin Shannon, NKF’s capital markets president, West Coast, told Commercial Property Executive. “It is clearly a best-in-class asset for the market. Lincoln did a great job positioning the building.”
Located at 207 Goode Ave., the eight-story, building consists of 189,109 square feet and is currently 76 percent occupied by four tenants—Avery Dennison, Whole Foods, Canon and Equinox Fitness.
The building was originally constructed in 2009 and is situated on more than one acre. The property is LEED Gold Certified, and features above-standard creative office tenant improvements, and highly functional, column-free floor plates.
It’s highly visible from the Ventura (134) Freeway and has visibility to Brand Boulevard, which sees more than 244,000 vehicles per day.
According to Shannon, the continued evolution of Glendale into an exciting 24/7, amenity-rich city has attracted the attention of a significant amount of capital.
“There is a lot of optimism in underwriting in Glendale specifically right now,” Shannon said. “Additionally, the debt markets are spectacular and there is an abundance of foreign capital looking to get into gateway markets like Los Angeles. This transaction is yet another example of foreign capital going into a gateway market.”
The NKF team also included Rob Hannan, senior managing director, and Michael Moll, managing director.
Currently, the buyer has no plans for changes other than leasing the remaining vacancy.