Tim Willert
DOWNTOWN -- Three pieces of prime downtown real estate totaling
410,000 square feet were sold for more than $90 million this week, adding
to Glendale's luster as a commercial property hot spot, insiders said.
Commonwealth Partners, a Los Angeles-based asset management and
investment company, purchased office buildings at 801 N. Brand Blvd., 700
Central Ave. and 200 Burchett St. on Tuesday from Westbrook Partners of
New York, according to Bill Boyd, a commercial real estate broker who
leases the office space.
"These buildings were not on the market," said Boyd, a senior vice
president for Grubb & Ellis in Glendale. "Investment money pursued the
ownership of these buildings because of the desire of Commonwealth
Partners to be in this market."
Peter Johnston, who oversees leasing for Commonwealth, called Glendale
a healthy office market and a nice community to do business in.
The purchase will not alter existing rents, which are $28 to $31 per
square foot in the two larger buildings, Johnston said.
"We're looking to bring in some new tenants," he said. "With the small
amount of vacancy we have, we're looking to fill it quickly."
The primary tenants of the 270,000-square-foot building at 801 N.
Brand are Royal Insurance Co. and Zurich Insurance, while the
130,000-square-foot building at 700 N. Central Ave. includes the
headquarters of Imperial Thrift.
The 10,000-square-foot building on Burchett houses the western
regional offices of PCL, a construction company.
"This sale further confirms that Glendale is a very popular market
with the investment community as well as the office tenant," Boyd said.
"The reason these buildings sold is because they are 95% leased and very
successful.
Freeway access, restaurant and retail amenities and a lack of business
license and business gross receipt taxes make Glendale a popular place to
do business, Boyd said.
"It validates and confirms in the real estate community the
desirability of the Glendale office market," he said.
