PUBLICATION: LA BUSINESS JOURNAL
An office tower in Glendale known as Glendale Plaza has received a $145 million loan.
The 542,000-square-foot building is owned by San Francisco-based DivcoWest.
CBRE Group Inc.’s Brad Zampa, Michael Walker and Greg Grant represented the borrower in the five-year, floating-rate, over-30-day LIBOR loan, which was provided by a multinational investment banking company.
Glendale Plaza is a 24-story office building at 655 N. Central Ave. Built in 1999, it has an adjacent parking structure with eight levels.
The property is currently 77% leased to a mix of media companies, blue-chip financial services firms and law firms.
DivcoWest purchased the property in 2017. Since its purchase, DivcoWest signed more than 225,000 square feet of new leases and lease renewals.
The company invested more than $17 million to upgrade the property when it acquired the building. Renovations included creating an indoor/outdoor lobby, adding a conference center, creating a fitness area, modernizing restrooms and adding a mobile app concierge service… READ MORE.