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Broadway Plaza 425 W Broadway 72,611 SF 100% Leased 4-Star Office Building Glendale, CA 91204 $17,950,000 ($247.21/SF) 8.72% Cap Rate
Investment Highlights
- Click link to download Offering Memorandum: https://bit.ly/425broadwayIN
- Business Friendly & Amenity-Rich Location with Strong Regional Access
- Best-In-Class Institutional Office with Diverse Tenant Mix Anchored by Major Insurance Agency
Executive Summary
* 100% leased to a diverse mix of 17 tenants across healthcare, insurance, government, and financial service tenants with a weighted average lease term of 4.49 years.
* Recent renewal by anchor tenant, Acrisure (25.51%) until 2032 cements their long-term commitment to the property with over 26 years of tenancy at the project.
* Since 2018, ownership has invested over $3 million in capital and tenant improvements throughout the property including:
• Lobby modernization
• HVAC upgrades
• Lighting upgrades
• Restroom & interior improvements
• Landscaping upgrades
Business Friendly & Amenity-Rich Location with Strong Regional Access
* Glendale is among the region’s most business-friendly cities, the third largest city in Los Angeles County. The city has a lower cost of doing business in comparison to Pasadena, Burbank and Los Angeles with lower property taxes, lower transient occupancy taxes, lower utility user taxes, no parking tax and no gross receipts tax.
* Regional Access – This asset maintains a strategically prominent position in the office market given its centralized location access to the I-5 (Golden State) Freeway, SR-2 (Glendale) Freeway, SR-134 (Ventura) Freeway and 210 (Foothill) Freeway.
Property Facts
Amenities
- Bus Line
- Property Manager on Site
- Signage
- Car Charging Station
Sustainability
Sustainability
ENERGY STAR® Energy Star is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy (DOE) that promotes energy efficiency and provides simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations partner with the EPA to deliver cost-saving energy efficiency solutions that protect the climate while improving air quality and protecting public health. The Energy Star score compares a building’s energy performance to similar buildings nationwide and accounts for differences in operating conditions, regional weather data, and other important considerations. Certification is given on an annual basis, so a building must maintain its high performance to be certified year to year. To be eligible for Energy Star certification, a building must earn a score of 75 or higher on EPA’s 1 – 100 scale, indicating that it performs better than at least 75 percent of similar buildings nationwide. This 1 – 100 Energy Star score is based on the actual, measured energy use of a building and is calculated within EPA’s Energy Star Portfolio Manager tool.
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Public Administration
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The State of California became the 31st state in 1850 after the Mexican-American War and subsequent gold rush. The government provides essential services including healthcare through Medi-Cal, education via public schools and universities, and infrastructure development for transportation and utilities. California's economy would rank among the world's largest if independent, driven by diverse sectors including technology, agriculture, and entertainment. The state facilitates business operations through licensing and permitting while supporting various industries statewide.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
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Property Taxes
| Parcel Number | 5637-015-055 | Improvements Assessment | $13,107,346 |
| Land Assessment | $8,924,150 | Total Assessment | $22,031,496 |
Property Taxes
