The previous authorization totaled 12.2 million shares. Prior to the board's decision to expand the buyback program the remaining availability was 1.5 million shares.
Glenborough may repurchase the shares in the open market or in privately negotiated transactions at management's discretion. Shares of the company stood at $21.20 in late morning trading on the NYSE, up $0.03 on the day.
Glenborough is focused on owning multi-tenant office properties in Washington D.C., Northern New Jersey, Boston and California. The company's portfolio includes 45 properties with a combined 8 million sf.
Earlier this month, it closed on 3330 Cahuenga Blvd. in Los Angeles' Universal City submarket for $30.6 million. The five-story multi-tenant office building has 103, 782 sf (net rentable) and subterranean parking for 391 vehicles. The building sits on 1.73 acres along the Hollywood (101) freeway.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.