Granite Properties has purchased a 21-story Glendale office tower at 550 North Brand Blvd. for just under $80 million, bulking up its Tri-Cities portfolio. Granite, based in Plano, Texas, now owns about 1 million square feet of offices in Glendale and Burbank, including the Brand Boulevard neighbor of its newest purchase.
“We’ve had great success next door,” said Tom Miller, Granite’s managing director, referring to the building acquired three years ago for $95 million. “Glendale has a great, great economic location with all the retail and multifamily growth that’s going on.”
The price for the 304,503-square-foot Class A building translated to about $262 a square foot, far below rates for top-tier buildings in hot markets like the Westside and downtown L.A. Two of the biggest tenants are the federal government and National TeleConsultants, a technology consultant, followed by law and accounting firms.
Granite will upgrade the lobbies, halls, and patios, but don’t call it a “creative office” redesign.
“I think of it as next-generation space,” said Miller. “We’re certainly going to make it as attractive a space is available in the market.”
Jones Lang LaSalle will continue providing the building’s leasing services, and Granite will run management operations.
Real estate reporter Daina Beth Solomon can be reached at email@example.com. Follow @dainabethcita on Twitter for the latest in L.A. deals.