The State Teachers Retirement System of Ohio has been selected as high bidder for the 18-story Glendale City Center office tower, according to sources close to the deal. The pension fund is paying a group of three U.S. pension funds advised by Westmark Realty Advisors about $100 million for the 385,000-square-foot building at 101 N. Brand Blvd. and an adjacent site, which is entitled for development of a second tower of roughly the same size. Westmark asset manager Ron Azad declined to comment on the deal, other than to say that the tower is expected to sell next month to a major pension fund. The tower is currently 98% leased. Its largest tenant is Walt Disney Co.
A historic Sunset Strip office building housing entertainer Whitney Houston's production company and the corporate offices of the House of Blues and Gibson Guitar has been acquired by Mani Brothers of Culver City from a partnership that includes Signal Mortgage of Long Beach. The group formed by the Mani family paid about $8.4 million for the 42,000-square-foot, 1927-vintage Piazza del Sol at 8439 Sunset Blvd. and a $1-million renovation program is underway. The Mani Brothers local real estate portfolio now exceeds 600,000 square feet.
Arden Realty Inc. has purchased a 50,000-square-foot office building in Westlake Village from Silagi Development for $7.3 million. The property, recently constructed at 2535 Townsgate Road, is the first phase of the two-building complex which Silagi should finish later this year, according to Brian Forster of Told Partners in Woodland Hills, which brokered the deal.