Goldman Sachs Asset Management Private Real Estate announced today that it has acquired, in a joint venture with Cruzan, 505 N. Brand, an approximately 320,000 square foot office building 10 miles north of Downtown Los Angeles in Glendale, CA.
The Property is located along Glendale’s primary office corridor, near a significant number of new multifamily buildings and retail amenities anchored by the Americana at Brand mall. The fifteen story, Class A building features a dramatic saw-tooth façade; its center-core structure allows for efficient floor plates, attractive window lines and 13-foot slab heights, appealing to both large single tenant users and smaller multi-floor tenants.
The Partnership intends to reposition the Property by implementing a comprehensive capital program to improve the lobby, amenities, common areas, tenant spaces and exterior of the building, with a goal of offering tenants high-quality space with a full range of amenities. The Partnership also plans to implement strategic initiatives in-line with GSAM PRE’s broader Environmental, Social and Governance (ESG) strategy.
“A diversified roster of market leading companies has moved to Glendale as office tenants as a result of the multifamily development and attractive existing retail amenities. We believe that 505 N. Brand will be attractive to tenants once it undergoes a strategic renovation,” said Joseph Sumberg, Co-Head of GSAM PRE. “We are excited to partner with Cruzan, one of the premier west-coast operators.”
“It has never been more important for employers to recruit and retain top talent. Our hope is that through purposeful design and the addition of thoughtful amenities that we can transform 505 N. Brand into an environment that will help our tenants do exactly that,” said Troy Pollet, Partner at Cruzan.
The Partnership has engaged the JLL team of Patrick Church and Anneke Greco to lease the building’s office space.
The Property is GSAM PRE’s 26th office investment. GSAM PRE owns 4.7 million square feet of office assets across the US.
About Goldman Sachs Asset Management Private Real Estate
Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across all major property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, often partnering with operators or property managers to renovate and rebrand assets, including by implementing energy and operating efficiency programs to potentially realize cost savings. The group manages $2.3 billion of real estate assets as of June 30, 2018 and is part of GSAM, one of the world’s leading investment managers with $1.3 trillion in assets under supervision globally as of June 30, 2018.
About Cruzan
Cruzan (www.cruzan.co) is a vertically integrated owner-operator focused on acquiring and repositioning commercial real estate assets throughout the West Coast. Cruzan’s focus is on the transformation of office, flex or industrial assets into market leaders. This is achieved through re-development, repositioning, management, leasing, and an aggressive operational/amenity push. The Partner currently owns and operates 13 assets across property types totaling over 2.4 million square feet.
