A CBRE Group global investors fund has purchased a three-property portfolio in Glendale from Blackstone Group for $122 million, according to CoStar Group Inc.
The bundled purchase includes two office buildings at 801 N. Brand Blvd. and 700 N. Central Ave. as well as a 50 percent stake in an adjacent parking structure at 127 Burchett St. The CBRE Strategic Partners U.S. Value 8 fund was the buyer.
The Class A, 13-story, 288,000-square-foot building, at 801 N. Brand, has as its largest tenant New York Life Insurance Co., which occupies about 52,000 square feet of space. The building was constructed in 1986.
The building at 700 N. Central is eight stories tall with 136,000 square feet of space and was built in 1979. Fuse Media and Gamblit Gaming are the building’s two largest tenants.
According to CBRE, the two office structures were 89.9 percent leased at the time of the purchase. They also have easy access to the 134 freeway as well as the shops at The Americana at Brand.
“The submarket has experienced significant positive net absorption since 2010, and vacancy is projected to remain low over the next five years,” said Robert Perry, portfolio manager for CBRE’s fund, in a statement.
This story has been updated.
Staff Reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
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