Brookfield Properties Sells 113,000 SQFT Glendale Corporate Center for $23MM

Glendale Corporate Center, Glendale, Brookfield Properties, Van Nuys, The Americana, Glendale Galleria, Premier Auto Credit

By Catherine Sweeney 

In recent months, Brookfield has traded a number of properties in Southern California. In one recent transaction, the global investment and development firm has sold off Glendale Corporate Center, a commercial office building totaling just over 113,000 square feet. 

According to public records, the property was sold to Glendale Corporate Center LLC, an entity affiliated with Van Nuys-based automobile financial company Premier Auto Credit for $23 million, or about $203 per square foot. 

The seven-story office building is located at 425 E. Colorado Street in Glendale. The property was built in 1984 and offers a mix of flexible and build-to-suit spaces, with amenities located on the first floor.  

The property is also located within an amenity-rich area, with The American and Glendale Galleria shopping centers within walking distance. Additionally, the property is closely situated to the Glendale, Ventura and Golden State Freeways. 

The transaction follows several others involving Brookfield Properties in recent months. In May, the company announced its purchase of the Watermark Portfolio, a hospitality portfolio which included 1,080 rooms in Southern California. In total, the $3.8 billion deal included 25 properties totaling over 8,100 rooms in 14 states. The Southern California properties that were part of the transaction were the 358-unit Ritz-Carlton Bacara in Santa Barbara, the 350-room Westin Pasadena and the 372-room Marriott La Jolla. 

Prior to that, the company also purchased DreamWorks, a 14.7-acre headquarters campus which is also located in Glendale. The seven building creative office campus is fully leased to DreamWorks Animation and was purchased for $327 million.