Riding wave of appreciation, pension fund offers tower. (Real Estate).RISING prices in the Tri-Cities market has lured Teachers Insurance and Annuity Association-College Retirement Equities Fund to put its 325,000-square-foot office building at 330 N. Brand Blvd. on the market. No price has been placed on the 20-yearold Glendale building, purchased by TIAACREF about 15 years ago, but the property could trade in the $60 million range, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Tri-Cities sources. The building is about 90 percent occupied. "They're well beyond their 10-year hold," said Tom Bohlinger, senior vice president at CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , who, with GB's Sean Sullivan, has the listing on the property. "The capital markets are looking favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to buildings that are well-leased and well-positioned." The listing comes two months after Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview agreed to buy the Tower Burbank for $115 million, and five months after Wells Real Estate Investment Trust purchased the 505,000-square-foot Nestle building at 800 N. Brand Blvd. for $157 million in Glendale. Glendale vacancy for the first quarter was 14.8 percent, up from 12.8 percent in the year-earlier period but less than the first quarter L.A. Countywide figure of 16.1 percent, according to Grubb & Ellis Co. "Glendale has very high interest because people have seen it hold up very well even when other markets are stumbling stumbling an abnormal gait in which the animal does not fully extend the limb, the plantar surface is not properly placed with respect to the ground surface at the time of impact so that the limb is likely to collapse and the animal to fall. a bit," said Bohlinger, who also has the listing on the 384,000-square-foot Glendale City Center at 101 N. Brand Blvd., which was put on the market two months ago. If sold, 330 N. Brand would mark the third property TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund sold locally in the last year. Last fall, TIAA-CREF, which owns about $3.5 billion in real estate assets nationwide, sold the retail center Westwood Marketplace and the Legacy at Westwood apartment complex for a combined $159.1 million. Fund officials declined comment on the Glendale offering. |
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