Glendale office tower expected to sell for $200 million.ONE of Glendale's premiere office properties is hitting the market. A segment of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment bank JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. & Co. has hired brokerage Eastdil Secured to sell Glendale Plaza at 655 N. Central Ave. The 25-story tower--Glendale's tallest office building--opened nearly six years ago and is one of the city's most recent speculative office projects. It's also one of Glendale's more successful office buildings. Despite Glendale's lackluster leasing market, the 533,000-square-foot property will likely command prices topping $200 million, or $375 a foot. That would set a high-water mark high-water mark n. 1. Abbr. HWM A mark indicating the highest level reached by a body of water. 2. The highest point, as of achievement; the apex. for Glendale, where the most an investor has paid is $345 a foot. At the higher price, JPMorgan Asset Management Holdings Inc. would reap a tidy profit. The subsidiary, which advises funds of institutional investors, bought the property six years ago from the building's developer--a partnership of PacTen Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Real
Estate--for about $135 million.
The property is nearly fully leased to tenants such as Unum Provident, Hispanic Broadcasting Corp. and the California State Compensation Insurance Fund The State Compensation Insurance Fund (SCIF or State Fund) is a workers' compensation insurer that is operated as a public enterprise created by the U.S. state of California. , a quasi state agency that is a provider of workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance. While office landlords in neighboring cities of Pasadena and Burbank have boosted occupancy and asking rates recently, Glendale has dragged far behind. At the end of March, the city's office properties had an average 14 percent vacancy rate, high compared to the 7.3 percent in nearby Burbank and 5.4 percent in Pasadena, according to Grubb & Ellis Co. Despite Glendale's dour conditions, investors have remained bullish on buying office buildings in the city. Within the last year, ING Clarion Partners paid $140 million, or $334 a foot, for 500 N. Brand Blvd. and LaSalle Investment Management Inc. snapped up 505 N. Brand Blvd. for $116 million--or $345 a foot. And Rob Maguire, chairman and chief executive of Maguire Properties Inc., has said the real estate investment trust could begin moving forward on building a new Glendale high-rise by year's end. Trade magazine Real Estate Alert first reported the property's availability. |
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