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Avison Young completes $6.85 million sale of 30,120-sf office building in Glendale, CA9 Nov 2020
Los Angeles – Avison Young has completed the $6.85 million sale of a 30,126 square-foot multi-tenant office building located at 600 West Broadway in Glendale, CA.
Avison Young Principals Andrew Berk and Mark Evanoff, who are both based in the company’s North Los Angeles office, represented the seller, Positive Investments. The buyer, OHNO Enterprises, is planning to occupy more than half the property as an owner/user and was represented by Artak Dovlatian of Specialized Realty.
“This was a very challenging transaction as tenants within the building were unsure about their tenancy due to COVID-19,” said Berk. “We worked overtime to communicate and negotiate with many of the tenants over numerous weeks to create solutions that worked for all parties, successfully completing the deal.”
Built in 1986, the three-story property was more than 95 percent occupied at the close of escrow.
Berk added, “We sold the property to Positive Investments a few years ago and once they made significant capital improvements and stabilized it, they decided it was a good time to trade the office building.”
The asset is within the heart of Glendale off the 5 and 134 freeways and is near The Americana at Brand, The Glendale Galleria and hundreds of other high-end shopping and dining amenities. Glendale’s substantial and diverse employment base includes Whole Foods, Disney, Avery Dennison, Service Titan, Warner Bros, NBC/Universal, ABC/Disney, DreamWorks and other major studios and professional financial and legal employers.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224