Pendulum Property Partners Acquires Glendale Office Building for $56M
Irvine-based Pendulum Property Partners acquired the 320,000-square-foot office building at 505 N. Brand Blvd. from a joint venture of Cruzan and Goldman Sachs Group for $56 million or $175 per square foot. The reported purchase price was a steep decline from the original investment of $93.5 million in 2018. Additionally, previous ownership reportedly invested $14 million to upgrade the property.
Chicago-based Landrock partnered with Pendulum Property Partners to acquire the building. Newmark brokered the sale on behalf of the sellers.
Software company Phonexa expanded into the top three floors of the property and put its name atop the 16-story building. The company is one of several tech companies headquartered in the Glendale area, along with ServiceTitan, which had an initial public offering in December.
'At a time when tech companies are cutting back and going remote, we're doubling down across our businesses due to continued and sustained growth,' said David Gasparyan, president of Phonexa, in a statement at the time of the expansion.
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