520 North Central Ave (Yardi Matrix)
Dallas-based Lincoln Property Co. and Boston-based Long Wharf Capital partnered to acquire the 8-story office building at 520 North Central Ave. in Glendale, CA.
Though the sale price was not disclosed, the partners did announce plans to renovate and reposition the 101,526-square-foot property in the coming months. Renovation efforts will be led by Lincoln Property Co.’s West Coast arm, LPC West. Plans include modernizing the outdoor amenity space and upgrades to the lobby, common areas and four floors that are currently vacant.
The property was originally built in 1985 and is LEED Silver certified. The steel-frame construction with glass and masonry exterior features high ceilings, strong window lines and abundant on-site parking, at a 3/1000-square-foot ratio. Current tenants include real estate settlement service provider North American Title, jewelry software company Logic Mate International and tax preparation company H&R Block.
The Glendale City Center office building is within walking distance of the Americana at Brand – a large shopping, dining, entertainment and residential complex, which includes 475,000 square feet of luxury retail space. Proximity to the 134 Freeway allows for easy access to neighboring areas such as Burbank and Downtown Los Angeles.
Rob Kane, executive vice president of LPC West and head of Lincoln’s Los Angeles office, stated that the planned property upgrades will add significant value and better position the asset to take advantage of the growth that the area has been seeing. “Glendale has evolved into a dynamic market with new retail and residential development which is driving demand for high-quality office space,” Kane said.
Long Wharf Capital Managing Director Justin Smith added that the partners are “looking forward to implementing a strategic plan to elevate this property to meet its potential. Coupled with its immediate access to nearby retail, entertainment and housing options, the investment we’re making to upgrade the property will make it more desirable for job-producing companies.”
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