{"id":1004747144,"date":"2025-02-14T02:56:02","date_gmt":"2025-02-14T10:56:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004747144"},"modified":"2025-02-17T07:41:50","modified_gmt":"2025-02-17T15:41:50","slug":"landrock-pendulum-buy-la-office-tower-for-56m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/","title":{"rendered":"Landrock, Pendulum Buy LA Office Tower for $56M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/505-Brand.jpg\"><img decoding=\"async\" data-attachment-id=\"1004747148\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/505-brand\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/505-Brand-e1739527477202.jpg\" data-orig-size=\"1200,902\" 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;1739191760&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;1&quot;}\" data-image-title=\"505 Brand\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/505-Brand-e1739527477202.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/505-Brand.jpg\" alt=\"Exterior shot of the office building at 505 N. Brand Blvd. in Glendale, Calif.\" class=\"wp-image-1004747148\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The office building at 505 N. Brand Blvd. rises 16 stories. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Landrock LP and Pendulum Property Partners have acquired a 16-story, 329,431-square-foot trophy office tower in Glendale, Calif. The Class A asset changed hands at a significant discount from its previous sale, in a deal arranged by Newmark.<\/p>\n\n\n\n<p>Goldman Sachs Asset Management and Cruzan sold the property at 505 N. Brand Blvd. for $56 million, <em>The Real Deal<\/em> reported. The partners had purchased the building in 2018 for $93.5 million from Principal Real Estate Advisors.<\/p>\n\n\n\n<p>Built in 1986, the tower recently underwent extensive capital improvements totaling $14 million or approximately $43 per square foot. The LEED Gold-certified building also includes 3,500 square feet of retail, as well as an on-site car wash and dry cleaners. The property features a total of 1,153 parking spaces in a multi-level structure.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/strong-deals-and-high-prices-keep-la-among-top-office-markets\/\">Strong Deals and High Prices Keep LA Among Top Office Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The asset is leased to a diverse roster of 19 tenants, with a weighted average remaining lease term of 4.2 years. One of them is Phonexa, a software company that added more than 18,000 square feet to its lease at 505 N. Brand Blvd. in April 2023, bringing the total occupied space to 42,000 square feet across the building\u2019s top three floors.<\/p>\n\n\n\n<p>Other tenants include UnitedHealth Group, CalSTRS, KB Financial Group, Packer, O\u2019Leary &amp; Corson law firm and Martin &amp; Associates, an accounting firm.<\/p>\n\n\n\n<p>The building\u2019s location on North Brand Boulevard provides access to the 134 Freeway. The property is also within walking distance of retail and residential amenities, including The Americana at Brand, a 1 million-square-foot mixed-use property, and Glendale Galleria. Downtown Los Angeles is some 10 miles south.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-newmark-team\">Newmark team<\/h2>\n\n\n\n<p>Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, Executive Vice Chairman Kevin Donner, Managing Director Ben Lushing and Director Alex Beaton represented the seller. <\/p>\n\n\n\n<p>Newmark Co-President of Global Debt &amp; Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday led market financing alternatives throughout the transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-los-angeles-market-moves\">Los Angeles market moves<\/h2>\n\n\n\n<p>The sale is another recent example of <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office assets in the Los Angeles market<\/a> trading at discounted prices. Earlier this month, a joint venture between Cross Ocean Partners and Palisade Group purchased 4500 Park Granada, a 222,667-square-foot office building in Calabasas, Calif., for $69.4 million from Gemdale USA in a deal also brokered by Newmark. The property previously changed hands in 2021 for $79 million, according to CommercialEdge information.<\/p>\n\n\n\n<p>And late last year, Los Angeles County <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-la-tower-trades-for-200m\/\">acquired The Gas Company Tower<\/a>, a 1.3 million-square-foot office building in the city\u2019s downtown, for $200 million. The property had been sold by Wilmington Trust after a September foreclosure on a $350 million CMBS loan.<\/p>\n\n\n\n<p>In October, Southwest Carpenters Pension Trust acquired Union Bank Plaza, a 40-story, 701,888-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/waterbridge-capital-pays-104m-for-la-office-tower\/\">office tower in Los Angeles<\/a> for $80 million from Waterbridge Capital. The office building had sold for $104 million in April 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This asset previously traded for $93.5 million in 2018.<\/p>\n","protected":false},"author":1068,"featured_media":1004747148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[51776,38163,33532,32779,50999,34266],"class_list":["post-1004747144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-goldman-sachs-asset-management","tag-ken-white","tag-kevin-shannon","tag-leed","tag-newmark","tag-pendulum-property-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Landrock, Pendulum Buy LA Office Tower for $56M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landrock, Pendulum Buy LA Office Tower for $56M\" \/>\n<meta property=\"og:description\" content=\"This asset previously traded for $93.5 million in 2018.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-14T10:56:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-17T15:41:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/505-Brand-e1739527477202.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"902\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/landrock-pendulum-buy-la-office-tower-for-56m\/\",\"name\":\"Landrock, Pendulum Buy LA Office Tower for $56M - 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