More office space is being added to the market in Greater Los Angeles. One recent property to hit the market is a 27,493 square foot office building in Tarzana. Marketing information from CBRE shows that the property is currently listed for $11.35 million or approximately $423 per square foot.
The three-story building is located at 5530 Corbin Ave. on over half an acre and was built in 1981. Property records show that the building is currently owned by an entity affiliated with Corbin Capital LLC.
The property is approximately 93 percent leased to 46 tenants, which include a mix of users such as Venetian International, Milanco Building Group, Gold Driving School, Modern DME and various others. The largest tenant occupies about 6.8 percent of the property and the property has also averaged an occupancy rate of about 94.2 percent over the last five years. The building also offers a number of flexible options that allows for tenants to expand and contract space.
The building sits just off Ventura Boulevard with easy access to Interstate 101. According to the listing, Interstate 101 sees approximately 290,000 cars per day. The Providence Cedars-Sinai Medical Center is also within close proximity of the site.
The area also has a large population with about 434,032 people living within a five-mile radius of the property; those living within a five-mile radius also earn an average household income of $133,000 per year. According to CBRE, there are only seven buildings within the immediate vicinity totaling more than 233,000 square feet that accommodate smaller tenants; the average vacancy on those buildings is about four percent.
