New Owner for Glendale High-Rise

One of Glendale’s signature high-rises, the 17-story Glendale City Center, has been purchased for $72 million by Tishman Speyer Properties.

The real estate giant bought the 388,000-square-foot office and retail building at 101 N. Brand Blvd. from the Ohio State Teachers Pension Fund. Tishman Speyer’s other properties include Rockefeller Center and Chrysler Center in its home city of New York and Colorado Center in Santa Monica.

Glendale City Center was built in 1991 by Homart Development Co. It is only 68% rented, “so we have some leasing to do,” said John Miller, senior managing director of Tishman Speyer.

Office tenants include Disney Store Inc. and Hartford Fire Insurance. Among the retail tenants are California Pizza Kitchen and Olive Garden restaurants.

Tishman also bought the 32-story Tower in Burbank in August for $115 million.

“The Tri-Cities have always been attractive to us,” Miller said. “The market is timed for a rebound as the economy gets better, and it’s not easy to develop new space.”