Newmark Completes Sale of Trophy Office Tower in Glendale, California

February 12, 2025 9:00 AM

Newmark announces the firm has arranged the sale of 505 North Brand Boulevard, a 329,431-square-foot, recently renovated Class A office tower located in Glendale, California. The property sold for an undisclosed amount.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, Executive Vice Chairman Kevin Donner, Managing Director Ben Lushing and Director Alex Beaton represented the undisclosed seller. The buyer is a partnership between Landrock LP and Pendulum Property Partners. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday led market financing alternatives throughout the sales process.

“Pendulum and Landrock’s acquisition represents a broader trend of institutional operators and capital re-entering the office sector for best-in-class product,” said Shannon. “There is more conviction that 2025 office product will be a good vintage, similar to 2009.”

505 North Brand Boulevard recently underwent an extensive capital renovation totaling $14 million, approximately $43 per square foot, further positioning the asset as the top building within the market by offering tenants a highly-amenitized work environment. The property is leased to a diverse roster of 19 tenants across a broad industry base, with a weighted average remaining lease term of 4.2 years, and offers significant income upside through the lease-up of remaining vacancy at an attractive basis.

“We are thrilled to close on our purchase of 505 N Brand,” said Dan Wagman, Partner at Pendulum Property Partners. “Our partnership was drawn to the dynamic tenant base, safety and amenities in the Glendale market, and we believe that differentiated product at favorable pricing will continue to outperform the broader submarket.”

The property’s location on North Brand Boulevard provides convenient ingress and egress to the 134 Freeway as well as walking access to an abundance of retail and residential amenities, including The Americana at Brand and Glendale Galleria.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaryies (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.