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School District OKs Transfer of Land Lease

September 20, 1990

Alarge Glendale apartment complex located on land owned by the Glendale Unified School District is changing owners, but the transfer will not affect the revenues schools receive from the lease, district officials said Tuesday.

The Howard-Platz Group in 1985 developed the Glenfield Apartments in the 1000 block of Central Avenue, the former site of Eugene Field Elementary School, after agreeing to pay the district at least $610,000 a year during a 65-year lease, said David Kanthak, assistant superintendent of business services.

The Board of Education on Tuesday approved the transfer of the lease to Zufu Properties Ltd., the real estate arm of the Jung Chang multinational investment company. Chang's company is Korean but is based in Los Angeles, said David Cartwright, the district's real estate attorney.

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