CommonWealth Buys 3 Glendale Buildings
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Los Angeles-based CommonWealth Partners last week acquired three office buildings totaling 410,000 square feet in Glendale from New York-based Westbrook Partners. The purchase included the 270,000-square-foot 801 N. Brand Blvd. building, the 130,000-square-foot 700 N. Central Ave. building and a 10,000-square-foot building at 200 Burchett St.
The sales price was not disclosed, but industry sources estimated the three buildings sold for a combined price of more than $90 million, based upon prices paid for comparable properties.
The buildings are part of a four-building project that was known as Allstate Plaza, according to broker Bill Boyd of Grubb & Ellis, which is the leasing agent for the buildings. The original development included 701 N. Brand, which now is under separate ownership.
CommonWealth is an investment group formed by former members of Maguire Thomas Partners.
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