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Friday, Sep 29, 2023

Glendale Office Building Gets $145M Loan

An office tower in Glendale known as Glendale Plaza has received a $145 million loan.

The 542,000-square-foot building is owned by San Francisco-based DivcoWest.
CBRE Group Inc.’s Brad Zampa, Michael Walker and Greg Grant represented the borrower in the five-year, floating-rate, over-30-day LIBOR loan, which was provided by a multinational investment banking company.

Glendale Plaza is a 24-story office building at 655 N. Central Ave. Built in 1999, it has an adjacent parking structure with eight levels.
The property is currently 77% leased to a mix of media companies, blue-chip financial services firms and law firms.

DivcoWest purchased the property in 2017. Since its purchase, DivcoWest signed more than 225,000 square feet of new leases and lease renewals.
The company invested more than $17 million to upgrade the property when it acquired the building. Renovations included creating an indoor/outdoor lobby, adding a conference center, creating a fitness area, modernizing restrooms and adding a mobile app concierge service.

DivcoWest also has plans to add a restaurant and cafe to the property.
“Glendale Plaza is one of the most recognizable office properties in the Tri-Cities market,” Zampa said in a statement. “DivcoWest is now in a great position to leverage the recent renovations and amenities package to lease up the remaining vacancies and bolster cash flow.”

During the fourth quarter of 2021, the Glendale office market saw office vacancy rates pop up to 21.8%, up from 18.2% the previous year, according to data from Jones Lang LaSalle Inc.

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