Briefly In Business: Executives to stay with General Growth

Two top executives with General Growth Properties Inc., owner of the Glendale Galleria, will stay with the company for up to a year after the company’s expected emergence from bankruptcy this month.

Chief Executive Adam Metz and President and Chief Operating Officer Thomas Nolan will continue to manage the final phases of the company’s restructuring — including the planned equity raise — and will lead GGP’s financial and operational strategy. General Growth’s new board of directors is expected to select a long-term management team during the transition period.

“We are pleased to help position the company for the next chapter in its growth story and ensure a smooth transition for employees, shareholders and tenants while the board of directors selects a permanent management team. In the meantime, it will be business as usual at GGP as we continue to build value for all our stakeholders,” Metz said in a statement.

Specialty’s Café & Bakery to open on Brand

Specialty’s Café & Bakery has leased space and is opening its first tri-city location in CB Richard Ellis Investors’ 500 North Brand building, adjacent to the plaza. Specialty’s Café & Bakery operates 30 stores in California, Washington and Illinois, offering fresh food and coffee items with innovative online ordering.

The opening marks the sixth Specialty’s Café & Bakery in Southern California. Located on the ground floor, the 3,900-square-foot cafe offers outdoor patio seating.

“We welcome Specialty’s Café & Bakery as another great amenity, not only for the businesses in our building, but also for those in our area,” Ming Lee, asset manager for CB Richard Ellis Investors, said in a statement.

500 North Brand is the first Class A high-rise office building in Glendale to achieve the Gold LEED distinction, having made substantial changes in building operations in order to satisfy LEED certification requirements in six categories, including reductions in water and irrigation water usage and an aggressive recycling program.

For more information about Specialty’s Café & Bakery, visit https://www.specialtys.com.