J.P. Morgan Investment Buys Glendale Plaza
A real estate investment fund advised by J.P. Morgan Investment Management has closed its purchase of the Los Angeles area’s first speculative high-rise office tower built in nearly a decade: the 24-story Glendale Plaza in downtown Glendale. Co-developers PacTen Partners and Morgan Stanley Real Estate Funds are thought to have sold the property to the J.P. Morgan fund for nearly $130 million. The project’s estimated development cost exceeded $100 million. The 532,000-square-foot tower was completed in March 1999 and is nearly 100% leased. Major tenants include the State Compensation Insurance Fund, Hispanic Broadcasting Corp. and UnumProvident Corp. The developers engaged CB Richard Ellis to market the property. Trammell Crow Co. advised the J.P. Morgan fund in connection with the purchase.
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