Kevin Hayes And Daniel Wagman Of Pendulum Property Partners Acquire Office Building In Glendale For $56M

An office building located at 505 North Brand Boulevard in Glendale was sold for $56,000,000. The asset spans 329,431 square feet, resulting in a price per square foot of $170. The sale occurred in a market characterized by the building being only 54% leased at the time of sale.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $56,000,000
• Address: 505 North Brand Boulevard
• Market: Glendale
• Asset Size: 329,431 SF
• Price per Square Foot: $170
• Buyer: Kevin Hayes & Daniel Wagman - Pendulum Property Partners; David Rosenbaum & Jeff Aerni - Landrock
• Seller: Cruzan; Goldman Sachs Private Real Estate
• Brokers: Alex Beaton, Benjamin Lushing, Ken White, Kevin Donner, Kevin Shannon, Laura Stumm, Michael Moll & Rob Hannan - Newmark
• Mortgage Brokers: Blake Thompson, Henry Cassiday & Jonathan Firestone - Newmark

Pendulum Property Partners and Landrock acquired the building from Cruzan and Goldman Sachs Private Real Estate, who previously invested $14 million in renovations before selling at a significant loss compared to their original purchase price of $93.5 million in 2018. Newmark’s Kevin Shannon was instrumental in representing the sellers during this transaction.