The buildings include a 14-story office high rise and a 13-story office building at 611 and 801 N. Brand Blvd., respectively, and together make up more than half of the foursome's total square footage.
The combined square footage held by the four buildings represents a significant portion of the downtown market — which holds just over 6.5 million square feet — and is one of the city's largest real estate offerings made at one time, said Phillip Lanzafame, director of the city's development services for the city.
The size of the sell-off reflects the size of Maguire Properties, which is one of the largest office building landlords in Los Angeles, he said.
While the new listings do not necessarily affect the city's office-space vacancy rate, they will provide a new price benchmark for landlords who continue to enjoy sell rates well above the county average, brokers said.
"It's a very unique situation," said William Boyd, executive vice-president of real-estate firm Grubb & Ellis.
Office space has sold for an average of $377 per square foot in Los Angeles County since last year, up from an average of $230 per square foot in 2005, Boyd said.
But the four buildings Maguire Properties is selling could fetch more than $400 per square foot, he said.
If they do, it would be a strong affirmation of Glendale's strongest selling points, which include its proximity to multiple freeways, a safe environment and multiple amenities, said Rick Bonyandi, president of both the Glendale Assn. of Realtors and Prudential California Realty.
Any fears that unreasonable tenant occupancy expectations are being set by investors who are driving up building prices with deep, competitive pockets continue to be disproved, he said.
