A renovated Studio City office building has sold for $4.62 million, or $750 per square foot, the highest price per square-foot record ever for a 5,000 square foot or larger, multi-tenant office property in the San Fernando Valley, according to Colliers International, the brokerage which negotiated the sale.
Colliers Executive Vice President Kevin Fenenbock and Vice President Jacob Mumper, out of the firm’s Encino office, represented the seller.
Located at 13263 Ventura Blvd., the 6,159-square-foot, two-story office property counts Cash Bloom, Max Wanger Photography and Reality Zoo among its eight tenants, all of whom signed leases in August 2017 upon the building’s re-opening, according to CoStar Group data.
“We generated multiple offers for the property and sold it for our asking price, which is, according to our records and those records that are publicly available with disclosed sales prices of commercial properties, the highest price per square foot ever recorded for this size and type of building in our marketplace,” Fenenbock said in a statement. “The outstanding condition of the building, and the fact that its location is in what is considered one of the most stellar commercial districts in the entire Valley, were significant factors in achieving this price.”