The headquarters building of Nestle USA Inc., a Glendale landmark, has been acquired by an Atlanta-based real estate investment trust for $157 million.
Privately held Wells Real Estate Investment Trust bought the 20-story tower at 800 N. Brand Blvd. from Douglas Emmett, a Santa Monica real estate investment and management firm.
Emmett, one of the Southland's biggest office and residential landlords, bought the building in 1995 for about $115 million. It was built in 1990 to serve as headquarters for Carnation, then a Nestle subsidiary. Nestle restructured twice in the early 1990s and took over the building.
Nestle's lease for almost the entire 505,000-square-foot building lasts until 2010, according to CoStar Group, a real estate data provider.
"The Nestle building is considered one of the highest-quality office properties in the entire Los Angeles area," said David Steinwedell, Wells' chief investment officer.