Izek Shomof pays $ 59 million for a discount from Glendale’s office building – the real deal

The Center in the Center Izec Shomoff has planted a flag in Glendale, The real deal has learned.

Shomof paid $ 58.8 million, or about $ 143 per square foot, on Boston-based Beacon Capital Partners for buying a 19-storey office building at 101 North Brand Boulevard, according to County Property Records, published on January 15.

The deal deleted more than half of the value of the property, as it last traded its hands nine years ago. Beacon Capital acquired the building with an area of ​​410,000 square meters for $ 128.5 million in 2016, as Trd Early reported. The company also clicked 800 North Mark Boulevard -22-storey office tower in Glendale-for about $ 160 million two years later.

Beacon now has five remaining office properties on the Big Los Angeles market, including 800 North Brand, according to its website. A spokesman for the 75-year-old company refused to comment on the deal with Shomoff.

Glendale is an unexplored territory for the Israeli -born developer and longtime champion of the center of Los Angeles.

Shomoff was among the first to take advantage of the Ordinance on the adaptive reuse of the city in 1999, which skipped the revival of the city center over the next decade. His company, Shomof Group, has also expanded into low -income homes and supporting homes and currently owns properties in Los Angeles and Orange and Las Vegas, according to his website.

A Shomof Group spokesman did not respond to a comment request.

It is unclear how the company finances the acquisition of Glendale or whether the brokers participated in the transaction.

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