Colliers Achieves 130,000 SF Office Leasing Milestone at Glendale Tower Following $56M Acquisition

Office Real Estate Leasing Activity Follows Value-Add Acquisition

Colliers, Pendulum Property Partners, and Landrock LP announced they have secured approximately 130,000 square feet in new office leases at 505 N. Brand Blvd., a 329,431-square-foot office tower in Glendale, California. The leasing achievement follows Pendulum Property Partners and Landrock LP's acquisition of the property in early 2025 for $56 million, or $170 per square foot.

The 16-story office building, built in 1986, underwent $14 million in renovations, equating to approximately $43 per square foot in capital improvements. The LEED Gold-certified property includes 1,153 parking spaces and 3,500 square feet of retail real estate space.

Property Details and Tenant Profile

The office real estate asset at 505 N. Brand Blvd. currently houses 19 tenants with a 4.2-year weighted average lease term. Notable tenants include Phonexa, which occupies 42,000 square feet across the top three floors following an expansion in April 2023. Other tenants include UnitedHealth Group, CalSTRS, KB Financial Group, Packer O'Leary & Corson, and Martin & Associates.

The property's location provides walkable access to The Americana at Brand, a 1 million-square-foot mixed-use development, and the Glendale Galleria. The building is situated near the 134 Freeway and approximately 10 miles from Downtown Los Angeles.

Acquisition Reflects Market Pricing Correction

The $56 million real estate acquisition represents a 40 percent discount from the property's 2018 purchase price of $93.5 million by previous owners Cruzan and Goldman Sachs. The transaction was brokered by Newmark, which characterized 2025 as a favorable vintage for office real estate acquisitions, drawing comparisons to the 2009 market cycle.

Dan Wagman of Pendulum Property Partners cited the property's "dynamic tenant base, safety, and amenities" in Glendale as positioning factors for outperformance in the submarket. The Irvine-based firm partnered with Chicago-based Landrock LP on the transaction.

Broader Office Market Context

The Glendale transaction occurs amid broader office real estate sales across the Los Angeles market. Recent comparable transactions include 4500 Park Granada in Calabasas, which sold for $69.4 million after trading at $79 million in 2021, and The Gas Company Tower in Downtown Los Angeles, which sold for $200 million following a $350 million foreclosure. Union Bank Plaza traded for $80 million, down from $104 million in 2023.

The 130,000 square feet real estate leasing milestone at 505 N. Brand Blvd. follows Phonexa's expansion, driven by what the company described as "sustained growth" despite remote work trends affecting the broader technology sector. The property's renovations added amenities including an on-site car wash and dry cleaners to support tenant retention and attraction strategies.

Colliers handled the leasing transactions for the property. The building's LEED Gold certification and proximity to retail real estate amenities at The Americana at Brand provide competitive positioning in the Glendale office submarket.