An office building with a potential owner-user opportunity is adding to Los Angeles’ availability. The property, which is located in the San Fernando Valley, is being offered at $21 million, or about $284, according to the listing from Lee & Associates.
The property is located at 5435-5445 Balboa Boulevard in Encino on about 2.4 acres and consists of two buildings totaling 73,910 square feet. Public records show that the property is currently owned by an entity affiliated with In Young Kim of Torrance, after acquiring it in 2006.
The office assets offer opportunities for both owner-users as well as those looking to invest in the San Fernando Valley office market. The first building at 5435 Balboa Boulevard is 98 percent occupied, while the building at 5455 Balboa Boulevard is vacant.
The property also offers the potential to convert into medical office use, and is surrounded by several other medical offices, including Balboa Pediatrics, Pediatric Care Physicians and others. The property sits near the Ventura Freeway and is adjacent to the Sepulveda Basin Recreation Area.
Throughout the Northern Los Angeles region, office availability has grown, with a third quarter market report from Lee & Associates showing a 14.1 percent vacancy rate. Currently, nearly 10.7 million square feet of space is unoccupied throughout Northern Los Angeles, according to the report. Despite this, asking rates for office leases have continued to increase for the fourth consecutive quarter to $3.05 per square foot.
