{"id":1004169735,"date":"2017-03-21T01:37:28","date_gmt":"2017-03-21T09:37:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004169735"},"modified":"2022-12-08T18:00:57","modified_gmt":"2022-12-09T02:00:57","slug":"cbre-arranges-179m-socal-office-sale-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-179m-socal-office-sale-2\/","title":{"rendered":"CBRE Arranges $179M SoCal Office Sale"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004169805\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004169805\" data-attachment-id=\"1004169805\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-179m-socal-office-sale-2\/glendale-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Glendale Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Glendale Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg?w=800\" class=\"wp-image-1004169805 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg\" alt=\"Glendale Plaza\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Glendale-Plaza.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004169805\" class=\"wp-caption-text\">Glendale Plaza<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014CBRE arranged the sale of Glendale Plaza, a Class A office tower in Glendale, Calif., to DivcoWest for $179 million. PGIM Real Estate sold the property for less than the $215 million it paid for it in 2006.<\/p>\n<p>CBRE\u2019s Sean Sullivan, Todd Tydlaska and Michael Longo represented the seller, Brad Zampa procured financing for the buyer, while Doug Marlow and Scott Crawshaw acted as the leasing market experts.<\/p>\n<p>Located at 655 North Central Ave., the 24-story building is the tallest office tower in the central business district of Glendale. The 547,301-square-foot rentable building is approximately 95 percent leased to 19 tenants, predominantly entertainment and financial-services firms. The LEED Platinum certified property, built in 1999, includes an eight-story adjacent parking structure. Having easy access to the Golden State, Ventura and Glendale freeways, the asset is minutes away from downtown Los Angeles, Pasadena and Burbank.<\/p>\n<p>&#8220;This is a quality office tower in the middle of a market that has been going through an exciting transformation,&#8221; said Tydlaska in prepared remarks. &#8220;Glendale has experienced a significant evolution with over 3,500 new apartments constructed in the CBD since 2013, plus several new retail and entertainment venues coming online.&#8221;<\/p>\n<p>The Tri-Cities market encompasses nearly 27 million square feet and includes several submarkets, including Burbank, Glendale and Pasadena. It had a vacancy rate of approximately 11.8 percent toward the end of 2016, below the county average of 13.4 percent and third-lowest among the region\u2019s eight markets, according to CBRE research.<\/p>\n<p><em>Image via Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glendale Plaza, a 547,301-square-foot rentable building, is approximately 95 percent leased.<\/p>\n","protected":false},"author":960,"featured_media":1004169805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21747,15],"tags":[],"class_list":["post-1004169735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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