Glendale Office Building Sells

A nine-story Glendale office building has changed hands for about $27 million, according to L.A. commercial real estate brokerage Madison Partners. Burbank real estate investment, development and management firm, Volwood Corp., paid $27.3 million, or about $217 a square foot, for the roughly 126,000-square-foot building at 500 N. Central Ave., according to Madison. The seller was Peregrine Realty Partners. The Class A structure was built in 1991 and is roughly 90 percent leased to tenants including the State of California, American International Group Inc./VALIC, Maxim Healthcare Services and Romberger, Wilson & Beeson Inc., said Madison. In 2012, the building sold as part of a two-property deal with a total of 153,019 rentable square feet for $28 million, or nearly $183 a square foot, according to CoStar Realty Information Inc. Bob Safai, Matt Case, and Brad Schlaak of Madison Partners negotiated the off-market sale on behalf of Volwood.