GLENDALE, CALIF. — CBRE has secured $145 million in refinancing for Glendale Plaza, a recently renovated, Class A office tower in Glendale. Located at 655 N. Central Ave., the 24-story, 542,000-square-foot tower was originally constructed in 1999 and is currently 77 percent leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure.
Brad Zampa, Michael Walker and Greg Grant of CBRE’s Debt & Structured Finance group represented the borrower and building owner, DivcoWest, in the financing. The five-year, floating-rate loan was secured through a multinational investment banking company.
DivcoWest acquired Glendale Plaza in 2017 and has invested more than $17 million into building upgrades, including the addition of an indoor/outdoor experience, common areas, event and conference space for tenants, a fitness area and modernization of the restrooms. The company is also planning to add a restaurant and café to the asset.