May 31, 2016
Plano, TX-based Granite Properties acquired 550 North Brand Blvd., a 21-story office tower in Glendale, CA for nearly $80 million from New York-based Clarion Partners. The 304,503-square-foot property boosts Granite’s portfolio in the Tri-Cities market to roughly 875,000 square feet.
Granite acquired 500 North Brand, the building next door, in 2013 for $95 million, and 2600 W. Olive in Burbank in 2014 for $49 million.
Some of the office tower’s largest tenants include the federal government and National TeleConsultants, a technology consultant. Granite’s Tom Miller says a capital improvement program is planned to upgrade lobbies, corridors and exterior spaces.
JLL’s Anneke O. Greco, Patrick Church and Gil Canton represented the seller.