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LA's First Spec Office in a Decade Now 100% Leased

LOS ANGELES-Union Bank signs $4.5-million pact at Glendale Plaza, filling the high-rise after a rocky opening just 18 months ago.

By David M. Kinchen | Updated on August 12, 2000

GLENDALE, CA-Union Bank of California has signed a five-year lease valued at more than $4.5 million for 29,299 sf of office space at Glendale Plaza, bringing Los Angeles County’s first spec high-rise to be built in a decade to 100% occupancy.

Union Bank’s Select Benefit Department, which services 401(k) plans, will relocate from Panorama City to Glendale next February, says Union Bank VP Craig Poletti. The 25-story Glendale Plaza, which has 533,000 sf of class A space, stands at 655 N. Central Ave.

Glendale Plaza was built by LA-based PacTen Partners through a partnership with Morgan Stanley Real Estate Fund. The $100-million speculative project was considered a risky venture when it broke ground in late-’97, in part because the Burbank-Glendale-Pasadena market’s all-important entertainment industry was showing signs of weakening.

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