PGIM Real Estate sells Glendale Plaza Office in Glendale, California
PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot Glendale office property, acting on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
Located near Pasadena, Burbank and downtown Los Angeles, Glendale Plaza is 95 percent leased, with a tenant roster comprising entertainment, insurance, legal and financial services companies. PGIM Real Estate acquired the 24-floor office property in August 2006.
Kevin R. Smith, head of Americas at PGIM Real Estate, said, “The Glendale office market has benefited from tenants in neighboring Pasadena, Burbank and Hollywood who are drawn by the city’s increased multifamily development, strong retail base and exceptional location.”
“At the same time,” Smith continued, “the sale of Glendale Plaza is consistent with our strategy to reduce exposure to non-strategic office assets in our core portfolio, enabling us to deploy capital toward future investment opportunities that will generate long-term, stable income to create further value for our investors.”
Source: PGIM Real Estate