$65-Million Office Tower Approved

The Glendale Redevelopment Agency approved an agreement Tuesday with Reliance Development Co. Inc. of Glendale for construction of a $65-million office tower at 505 N. Brand Blvd.

Construction of the 14-story building is scheduled to begin late this year. The project will be built on the site of American Savings, which will move in September to an adjacent building at 527 N. Brand Blvd. The building to be used by American Savings was renovated by the redevelopment agency to resemble the financial institution’s current building.

Reliance signed lease agreements Monday with the CIGNA insurance group, which will become the major tenant of the office development, said Susan Shick, deputy redevelopment director.

Construction also will begin this month on an eight-story office building at 520 N. Central Ave., to be built by Dorn-Platz & Co. of Glendale.