Galchutt notes that the Glendale City Center, at 101 N. Brand, is a recently rehabbed 17-story class A building in a central business district close to a host of amenities. The office tower is adjacent to the Glendale Galleria regional shopping mall.
Terms of the North American Title lease were not disclosed. Recent market reports peg the average asking rates for office space in the 6.4-million-sf Glendale market at approximately $2.48 per sf per month, with vacancy holding steady at about 13%.
Principal Global Investors, which acquired the Glendale City Center building last year from Tishman Speyer of New York City, was represented by Doug Marlow of CB Richard Ellis. The Glendale City Center, which includes approximately 24,000 sf of retail space, was completed in 1991 by Homart Development.
Approximately 253,000 sf of the office space at the Glendale City Center is available for lease, according to Principal Global Investors' website. The City Center building has one of the highest parking ratios in the Glendale market, 3.5 spaces per 1,000 sf of office space, and also features unobstructed 360-degree views of the surrounding mountains and Downtown Los Angeles.
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