Glendale Plaza Building for Sale, Owners Confirm
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A Morgan Stanley Dean Witter & Co. real estate fund and PacTen Partners put Glendale Plaza up for sale--the first major speculative office building to rise in the Los Angeles region since 1991. The 24-story building totals 520,000 square feet.
Officials at Morgan Stanley and closely held PacTen confirmed they are selling the building and are in talks with a buyer, whom they declined to identify.
“Values are very strong,” said Chander Bains, a vice president in Morgan Stanley’s real estate investment group. “I’m not convinced holding the asset for another year or 18 months will significantly increase the value.”
Morgan Stanley and PacTen spent about $100 million developing the tower, which was completed in March 1999.
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