Completed in 1981 and renovated in 2000, the class A officeproperty comprises a six-story office tower and an attachedtwo-story annex building over a single-level subterranean garage,situated on 1.7 acres. The project is 61% leased to tenants thatinclude the federal government, Household Finance and HealthCarePartners.
Michael Schlesinger, Cambra Realty principal, says that whileGlendale Financial Square sold at a low cap rate on existing rents,the property will provide the new owners with the near-termstability of a high-quality, diversified tenant base as well as asignificant opportunity to enhance cash flow through the lease-upof available space.
In addition to the more than 30% of rentable square footage thatis vacant, he says, there is also upside in the roll-over of leasesthat are now at below-market rents.
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