November 27, 2017
The Real Deal: Blackstone Sells Glendale Office Building for $55M
The building is one of the final properties from $39B Equity Office deal
By Natalie Hoberman
Canadian developer Onni Group acquired the 14-story office, 212,200-square-foot building at 700 North Brand Boulevard — just steps away from the Glendale Center it already owns — for roughly $55.25 million, or $260 a square foot, from Blackstone Group, The Real Deal has learned.
BMO Financial Group provided about $52 million in financing to the buyer, sources said.
The sale is said to be one of the final properties remaining from whenthe company dished out $39 billion to acquire Equity Office’s assets in 2007. Just this summer, sources told TRD it would be a matter of time before the site, which was never listed on the market, would quietly trade.
Blackstone acquired the 1980s-era property in 2007 at the height of the market for $60.2 million, property records show.
The building, dubbed Glendale Gateway, is home to tenants such as Apollo Medical Group, Citibank and Maverick Medical Group. It includes 594 parking spaces on the 1.6-acre campus.
Tom Bohlinger of JLL brokered the deal. Onni Group did not respond to requests for comment. Equity Offices or Blackstone could not be reached.
Onni has been active in the Southern California commercial market recently. In addition to owning the property at 611 North Brand Boulevard, which it acquired for $83 million in March, the firm also owns the Los Angeles Times building at 202 W. 1st Street. The firm is planning to build a 1,127-unit two-tower complex on the site, while also planning a 48-story tower at 1000 S. Hill Street in South Park. Earlier this year, the company topped off its shopping spree with the $40.7 million purchase of Atria West Office campus in West L.A. and its $34 million purchase of the H.D. Buttercup site in the Arts District.
Source: The Real Deal