550 N. Brand Ave The 21-story property is located at 550 N. Brand Ave. in Glendale.

LOS ANGELES—Granite Properties has acquired 550 N. Brand, a 21-story office tower in Glendale. The purchase price and the name of the seller were not disclosed, however, industry sources unrelated to the deal tell GlobeSt.com that Clarion Partners sold the property to Granite for $142 million. This is Granite’s third office acquisition in the Tri-Cities area, growing its portfolio in the submarket to 1 million square feet.

“550 Brand fits right in our investment strategy wheelhouse: significant discount to replacement cost, significant discount to peak pricing, rents below peak levels, strong sub-market absorption, and a great tenant mix,” Tom Miller, Granite Properties managing director, tells GlobeSt.com. “There’s an outstanding mix of thriving businesses from all industry sectors, and Glendale in particular is experiencing a fantastic multi-family and retail renaissance. This is our third acquisition in Glendale and Burbank, bringing our portfolio to 1 million square feet of class-A office buildings.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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