Additional office space has been added to the market in Greater Los Angeles. According to a listing from Equity Union Commercial, the 60,896 square foot Victory Square office building has been placed up for sale with an asking price of $13.5 million, or about $221 per square foot.
Located at 12444 Victory Blvd. in North Hollywood, the property was built in 1963 and, since 2019, the property has been owned by an entity linked to 12444 Victory LLC. At that time, the property traded for $15 million, or about $246 per square foot.
With a current 98 percent occupancy rate, the property is home to 60 tenants. The property could also offer redevelopment opportunities due to its current zoning. The site could accommodate 15,537 square feet of building area and up to 38 dwelling units. Utilizing transit oriented community incentives, the site could also accommodate 53 dwelling units with some set aside as affordable housing.
According to the listing, demand for new housing development in the area is high with developers bringing $3 billion worth of mixed-use projects to North Hollywood between 2015 and 2020.
The property is situated just off Route 170 and near various retail properties as well as the Concorde Career College North Hollywood. The property is also within close proximity to NoHo West, a 25-acre mixed use development project set to reshape the west side of North Hollywood by Merlone Geier Partners and GPI Companies.
“North Hollywood has transformed into the Valley’s go-to cultural hub over the last decade with an influx of dance studios, art galleries and acting workshops – and now massive communities. The immediate area has experienced a development boom that will continue through 2025,” the property listing states.
