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Thursday, Mar 28, 2024

Preview: Tri-Cities Office Sales Up

A spate of major deals has made the Tri-Cities the hottest commercial real estate market in Los Angeles, surpassing West L.A. and Hollywood. The most recent trade was a nearly 878,000-square-foot Glendale bundle – including two class A buildings, 801 N. Brand Blvd. and 700 N. Central Ave. CBRE Global Investors Ltd. bought the portfolio from New York hedge fund Blackstone Group for $122 million at the end of 2017. According to David Nusbaum, senior research analyst at CBRE Southern California research, Burbank had a strong 2017, with a 230,000-square-foot net absorption while Pasadena reported 120,000 square feet of net absorption. While Glendale posted -52,000 square feet absorption for the year with several companies such as ACCO and Nestlé USA (in 2018) moving out, that statistic belies the overall trend in the Tri-Cities’ market. “Tri-Cities is up 250,000 square feet in net absorption for 2017,” Nusbaum said. “(Companies are) coming in because they see that value.” Read the full story in the Feb. 19 issue of the San Fernando Valley Business Journal.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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