Lincoln Property Company and Long Wharf Capital have acquired a Glendale, California-based eight-story office tower. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–Lincoln Property Company and partner Long Wharf Capital have acquired 520 N. Central Avenue, an 8-story office building in the heart of Glendale’s downtown area, with plans to renovate and reposition the property over the next several months. The renovation is being led by LPC West—Lincoln Property Company’s West Coast arm which recently announced a significant expansion of its operation.
The 96,140 square-foot Glendale office tower was constructed in 1985, and is currently home to tenants including North American Title, Logic Mate International and H&R Block. Planned renovations include modernizing the outdoor amenity space, upgrading the lobby and common areas, and material upgrades to four rare full floor vacancies. The property boasts high ceilings, strong window lines, and plenty of on-site parking.
Glendale’s ongoing revitalization, including the addition of new retail, dining, and housing developments in recent years, has led to increased demand for high-quality office space. The 520 N. Central Avenue tower is walking distance from Americana at Brand, a mixed-use property which includes 475,000 square feet of luxury retail space. Just two blocks from the 134 Freeway, the tower has easy access to neighboring areas, including Burbank, Pasadena, Downtown Los Angeles, and the communities along the Arroyo Seco.
“Glendale has evolved into a dynamic market with new retail and residential development which is driving demand for high-quality office space,” said Rob Kane, Executive Vice President of LPC West and the head of Lincoln’s Los Angeles office. “The upgrades we’re making to the property will add significant value and better position the asset to take advantage of this growth.”
Many industry leaders, including Whole Foods, DreamWorks, and LegalZoom, have relocated to Glendale from other LA-area markets, elevating its status as a premier place to live and work. The flock of tech and creative companies to Glendale has also made the area more attractive to potential business tenants seeking space outside of crowded LA-area markets.
“We’re looking forward to implementing a strategic plan to elevate this property to meet its potential,” said Justin Smith, Managing Director at Long Wharf Capital. “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.”
“We see an opportunity to put resources into this asset that will greatly improve our tenant’s experience,” said Kane. “This is the kind of value-add deal that we love, and we’re looking forward to bringing new life to this building.”
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States.
Access www.lpcwest.com for more information.
About Long Wharf Capital
Long Wharf Capital is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients including corporate and public pension funds, endowments, foundations, and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Since Long Wharf’s launch in 2011, they have invested over $750 million of equity in more than 45 investments across the U.S. Including experience prior to forming Long Wharf, the team has invested nearly $3 billion of equity. For further information, visit: www.longwharf.com