LOS ANGELES, CALIF. – March 01, 2017 –DivcoWest has completed the purchases of Glendale Plaza, a 547,300 square foot Class A office tower at 655 North Central Avenue in Glendale, in addition to a condominium interest in The Telephone Building, a Class A creative office, telecom and retail building at 1314 7th Street in downtown Santa Monica.
The two acquisitions expand DivcoWest’s already significant footprint in the Los Angeles market, which currently includes Continental Grand Plaza, a 482,000 s.f. office complex in El Segundo and Water’s Edge, a 6.5 acre creative campus in Playa Vista.
Both Glendale Plaza and The Telephone Building are regarded as best in class for their respective submarkets, being well located in proximity to both amenities and transportation.
Glendale Plaza is predominantly leased to entertainment and financial-services firms and within walking distance of more than 3,500 new apartment units as well as two of greater Los Angeles’ best retail malls: Americana at Brand and the newly renovated Glendale Galleria. A LEED-Platinum certified property, Glendale Plaza is a 20-minute drive away from Bob Hope Airport in Burbank and features sweeping views of downtown Glendale and the San Gabriel mountains.
The Telephone Building is fully renovated and leased to tenants that include one of Southern California’s premier venture capital firms and two renowned restaurants – Cassia and Ester’s Wine Shop and Bar. The building is within walking distance of Santa Monica’s new Metro Expo train station, the Third Street Promenade and many high-end businesses, restaurants and retailers.