Bisnow Scoop: CBRE Pre-leases at Caruso's Masonic Temple Conversion
Well that was fast. Just a couple of days after we all learned that Rick Caruso picked up the former Masonic Temple in Glendale, three separate Bisnow sources tell us CBRE will be the project's first tenant.
No one has heard when the mixed-use conversion will deliver (or even start) or seen any renderings, but Rick is, as expected, way ahead of the game. Our sources say the brokerage giant will leave its 20k SF at 10 Universal Plaza in Universal City and take up the top half of the creative office conversion (about 25k SF). Rick picked up the temple, two adjacent buildings and an adjoining vacant lot. Caruso Affiliated plans to preserve the historic building, but create a modern office space at the site, which happens to be across the street from his Americana at Brand.
A CB spokesperson would not confirm or deny the move. Caruso Affiliated declined to comment, but Rick calls the project a "prime example of adaptive reuse." CB has been at its current space in Universal City for nearly a decade, though the 35-story tower traded in 2013 for $395M, with Comcast making the buy from Normandy Real Estate Partners.
The Masonic Temple property, located at South Brand Boulevard and Colorado Street, totals about 68k SF of building area and 38K SF of land. Rick (one of LA's wealthiest real estate moguls) says he's been in talks to buy the property from owner Frank De Pietro for about five years. The nine-story art deco tower was designed in 1927 by Arthur G. Lindley, who also designed Glendale’s Alex Theatre. The temple was completed in 1928 and housed at least six different Masonic organizations. Frank provided the building to a classical repertory theater company that used it for nearly two decades (until the end of 2011).