Another office property is up for sale in the Greater Los Angeles area. According to a property listing from Newmark, a two-building office campus located at 400 & 450 N Brand Ave. in Glendale is on the market.
While guidance pricing for the property was not disclosed, public records show that the building was last acquired by an entity linked to Kennedy Wilson Properties in 2017 for $144 million, or about $326 per square foot.
Originally delivered in 1998 and 2000, the 400 & 450 North Brand office campus spans 440,770 square feet and boasts an array of onsite amenities and a spacious outdoor plaza. The site also features 76,790 square feet of retail space.
Additionally, the property has a current occupancy rate of 61 percent, according to the listing, the property offers potential opportunities for investors to add value by increasing lease-up rates. The space is home to a number of tenants, including various law and financial consulting firms.
Since 2011, there has been more than $9 million invested in the property’s common areas and mechanical systems. In 2016, an additional $3.2 million was dedicated to repositioning the building lobbies, outdoor plazas and enhancing an onsite conference facility.
Situated between the 134 Freeway and well know Glendale destinations, like The Americana at Brand and Glendale Galleria, 400 & 450 North Brand offers connectivity to various offsite amenities. The proximity to popular submarkets such as Silver Lake, Los Feliz and Atwater Village also attracts a young workforce. Glendale is also experiencing rapid urbanization, as evidenced by the delivery of over 3,300 residential units in the last decade. The city boasts a current vacancy rate of just 3.5 percent, underscoring the continued demand for rental properties.
