Newmark has completed the $59 million sale of an eight-story, Class A creative office building totaling 189,109 square feet located at 207 Goode Avenue in Glendale, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Senior Managing Director Rob Hannan, and Managing Director Michael Moll represented the seller, Lincoln Property Company and Morgan Stanley. The buyer, Credit Suisse, was self-represented.
Built in 2009, 207 Goode Avenue is situated on just over a one-acre parcel and is 76 percent occupied by four tenants including Avery Dennison, Whole Foods and Canon, as well as Equinox Fitness, adding a significant on-site health club amenity for the building’s tenants and the local community. The asset is LEED Gold Certified, features above-standard creative office tenant improvements, and highly functional, column-free floor plates.
“207 Goode is a trophy asset and offers a competitive advantage over older product in the Tri-Cities market as it is one of only five institutional office buildings developed here over the last decade. This asset is also the newest office building in Glendale,” said Shannon. “The ownership will significantly enhance its returns by leasing the remaining vacancy.”
Rob Hannan added: “Glendale has tremendous momentum which will continue as its 24/7 mixed-use complexion continues to grow.”
Prominently located at the gateway to Glendale, 207 Goode is highly visible from the Ventura (134) Freeway and also has visibility on Glendale’s major thoroughfares: Brand Boulevard which sees more than 244,000 vehicles per day, and Central Avenue.
Supported by an array of lifestyle amenities, central regional location, youthful demographics and urban housing, Glendale has become a preferred location for several major corporate and regional headquarters. Corporations such as Avery Dennison, DineEquity/IHOP, Walt Disney Animation Studios, DreamWorks, Public Storage, LegalZoom, Univision and Whole Foods Market.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.