Los Angeles, Calif. – The Glendale Financial Square building has sold for $27.5 million ($217 per square foot) to two Southern California real estate investment firms taking ownership as Hacienda Associates, LP. Two-thirds of the seller partnership was represented by Kidder Mathews’ Bill Boyd, Linda Lee, and Scott Unger. The seller was a partnership between three local investors (Hyun 1996-2 Family, LP, Royalblue, LLC, and Broadway JSY, LLC).
The 126,500-square-foot office building is located at 225 West Broadway in Glendale, California. It is directly across the street from the Glendale Galleria regional mall and Americana at Brand lifestyle center, with 54 restaurants within two blocks of the building.
The buyer identified the property as part of an exchange and appreciated the building’s location, recent leasing success, and future value-add opportunity. Taking advantage of a stable tenant base while securing additional tenancy, the buyer plans to invest in upgrading the building’s common areas and main entry plaza.
The Glendale Financial Square was the city’s first office development to provide direct elevator access from an underground parking level to the office tenant floors. Buildings developed before that time had separate parking structures adjacent to the respective facility.
“The recent purchase of the Glendale Financial Square is a good example that well-located core assets, in a traditionally stable office market like Glendale, still attract investment interest despite market distractions,” said Unger.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually.