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News release

Los Angeles

Sale of trophy office highlights appeal of Glendale market

JLL completes sale, secures $94 million financing for acquisition of 400 & 450 North Brand

LOS ANGELES, June 13, 2017 –JLL's Capital Markets experts today announced the firm completed the sale of 400 & 450 North Brand, a Class A LEED-Platinum certified office and retail campus in Glendale, California. Kennedy Wilson Real Estate Fund V purchased the building from a partnership between MetLife and Beacon Capital Partners. JLL also secured $94 million in acquisition financing on behalf of the buyer. JPMorgan provided the floating rate loan.

400 450 Brand.jpgExecutive Vice President Tom Bohlinger and Senior Vice President Jon Lange led our team on the sale. Managing Director Brian Halpern and Senior Associate Alex Kane led our team on the financing.

The building consists of two nine-story office towers totaling 359,922 square feet with 71,010 square feet of retail and fitness center space located at the base.

"This is a premier building in Glendale that serves as a corporate headquarters for some of Los Angeles' strongest and most dynamic companies," said Bohlinger. "It offers a top-notch live, work, play environment for tenants and is a cornerstone asset for a real estate portfolio."

Added Halpern, "This was a great lending opportunity with knowledgeable sponsorship and exceptional fundamentals, and was competitively bid. The Glendale office market has great appeal to the younger, creative crowd and continues to be a good bet for investors and lenders alike."

Located in the heart of Glendale, 400 & 450 North Brand benefits from single-digit Class A vacancy in the surrounding area.  The building includes two parking structures with nearly 900 spaces and offers a 60,000 square foot fitness center and is within walking distance of more than 2 million square feet of retail space.

"Glendale is experiencing a renaissance fueled by 4,500 newly delivered and under construction multifamily units along with new retail and restaurants, creating a live, work, play environment that didn't previously exist there," said Bohlinger.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit