Newmark facilitated the sale of a recently renovated Class A office tower, located at 505 N. Brand Blvd in Glendale. The undisclosed property was sold for an undisclosed amount.
Representing the seller were Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, Executive Vice Chairman Kevin Donner, Managing Director Ben Lushing and Director Alex Beaton.
The buyer is a partnership between Landrock LP and Pendulum Property Partners. Throughout the sales process Newmark’s Co-President of Global Debt & Structured Finance Jonathan Firestone,Vice Chairman Blake Thompson and Director Henry Cassiday provided market financing options.
According to Shannon: “Pendulum and Landrock’s acquisition reflects a growing trend among institutional operators to invest in top-quality office properties.” He added that there is increasing confidence that 2025 office buildings will be highly sought after investments similar to those built in 2009.
This transaction marks another successful deal for Newmark as it continues to facilitate high-value transactions within the commercial real estate sector.
