According to Annie Kodak, SVP and asset director with ING Clarion, the company wanted to differentiate the 22-story tower from its competitors. "Most of the office properties in the Glendale market are known solely by their address," Kodak explains.
The Lexington name is a combination of two winning entries from contestants Robert Pearson of Transwestern and Alexander Wadley of Lee & Associates, both of whom received gift certificates. ING unveiled the winning name during an on-site lunch that it sponsored for brokers who participated in the contest.
ING Clarion bought the building from GE Pension Trust for $140 million in March 2006 as part of an expansion effort now under way to increase its investment portfolio throughout the Western US. As part of the expansion, the company has opened a new regional headquarters in Los Angeles and staffed it with senior level industry professionals.
Michael Weiner of GVA Daum is leading the leasing efforts for the Lexington as part of a team that includes Paulette Toumazos and Jennifer Donaldson, all three of them based in the company's Burbank office. According to Weiner, the team has approximately 100,000 sf of deals in the works that could increase the occupancy rate to more than 90% at the building, which was developed in 1990 and is now about 76% occupied.
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