ING Clarion places bet on Glendale with building buy.EVEN though Glendale has one of the weakest office markets north of the Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. (10) Freeway, ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. Partners is making a $140 million wager that the city will bounce back. The real estate investment arm of Dutch banking giant ING Groep N.V. is buying the 419,000-square-foot office building at 500 N. Brand Blvd. in downtown Glendale. ING Clarion is paying about $334 a foot for the 15-year-old tower. Office buildings in the city--the third largest by population in L.A. County--have dragged behind neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. markets of Pasadena and Burbank in both occupancy and rents. Glendale has straggled as some of its largest tenants such as Disney Stores, Nestle USA Inc. and Fremont Indemnity Co. either downsized, relocated or closed. Even ING Clarion's building has a 20 percent vacancy rate, a level that's far above the L.A. County average of 11 percent. Still, Mike McCann Mike McCann (born May 27 1937) is a well known ice hockey personality in Barrie, Ontario, Canada. He is currently working as an Ontario-based talent scout for the Montreal Canadiens NHL team. , ING Clarion's senior vice president of acquisitions, said the city's high vacancy is the result of a streak of bad luck. "Glendale is taking it on the chin a little bit from a perception standpoint," McCann said. "Glendale's problems are a result of bad luck and not because Glendale is dysfunctional." ING Clarion is betting that companies squeezed out of maxed-out office markets in Burbank and Pasadena will begin moving to Glendale, when rents will rise. "We see a lot more upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside in that market than Pasadena and Burbank," McCann said. McCann believes Glendale's office market also could benefit from mall developer Rick Caruso's "Americana at Brand Americana at Brand will be a large outdoor shopping community in Glendale, California. The site is owned by Caruso Affiliated, who owns many other commercial properties such as The Grove at Farmers Market in Los Angeles, CA. " project, which is set to start construction. The development is similar to Caruso's wildly successful Grove at the Farmers Market on Third Street in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. except that "Americana at Brand" will also include condominiums. ING Clarion is buying 500 N. Brand from a joint venture affiliated with GE Pension Trust, which built the 22-story tower in 1990. The L.A. County Assessor's office listed a December 1988 recording date for the building, which it valued at $105 million. Both buyer and seller were represented by Eastdil Secured's Jay Borzi, Steve Silk and Stephen Somer. |
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