---
title: Los Angeles Mall Fetches Top Price; Kelley Drye Represents Sellers of Glendale Galleria
date: 2002-11-15T00:00:00-05:00
author: Import Bot
canonical_url: "https://www.kelleydrye.com/news/los-angeles-mall-fetches-top-price-kelley-drye-represents-sellers-of-glendale-galleria"
section: News
---
# Los Angeles Mall Fetches Top Price; Kelley Drye Represents Sellers of Glendale Galleria

 November 15, 2002

 

 

 

 

 

 

Kelley Drye represented the sellers in the aggregate of the Glendale Galleria, a major Los Angeles area mall, for approximately $415 million, an extraordinary value for a single shopping center asset. The purchaser is Chicago-based General Growth, the nation’s second-largest mall company in terms of square footage. The sellers were a group including closely held mall operator Donahue Schriber, a unit of insurer Cigna Corp, and the New York State Teachers’ Retirement System.

According to *The Wall Street Journal*, the deal reflects the continued strong interest in ​“fortress” real estate, commercial buildings in strong markets that are solidly leased over long terms. The mall is 1.5 million square feet and generates sales in excess of $500 a foot.

 

 

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