Two Class A office buildings in Glendale have sold for $144 million, according to their buyer, real estate investment firm Kennedy-Wilson Holdings Inc.
The Beverly Hills company’s Real Estate Fund V bought 400 and 450 N. Brand Blvd., a two-center campus, totaling 437,000 square feet including parking structures, for nearly $330 a square foot. The seller was MetLife Inc., which paid $117 million, or $268 a square foot, for the properties in 2004.
The campus is 88 percent leased, according to Kennedy-Wilson, and serves as the headquarters for DineEquity Inc., owner of restaurant brands IHOP and Applebee’s Bar & Grill, and Learner’s Digest International. Other tenants include Cigna Corp.
The campus is near the Americana at Brand and Glendale Galleria retail centers.
Nicholas Colonna, president of commercial investments and fund management for Kennedy-Wilson, said in a statement that the Glendale submarket is thriving.
“Brand offers both a strong initial yield and attractive asset management opportunities within an area that continues to expand, driven by a large growth in urban housing and a strong presence of entertainment and other large corporations,” Colonna added.
Kennedy-Wilson said it also recently sold a 195,000-square-feet office building in North Hollywood for $69 million.
This story was originally published by the San Fernando Business Journal.