Glendale Office Building Sells for $5.9 Million

A 14,492-square-foot office building in Glendale has sold in an off-market transaction for $5.9 million ($409 per square foot), according to a company announcement from real estate brokerage Avison Young. Located at 200 W. Glenoaks Blvd., the two-story property was 100 percent occupied at the time of sale. Tenants include Allstate Insurance Co., Coldwell Banker Residential, Pacific Coast Title Co., Olive Escrows Inc., Pogosian & Co. CPA and Glendale Spine & Nerve Institute. The building, completed in 1979, sits on a 34,000-square-foot parcel at the signalized corner of Central Avenue, just two blocks north of the 134 freeway. Avison Young Principals Andrew Berk and Mark Evanoff, of the company’s Los Angeles North office, represented the seller, a Los Angeles-based private family trust investor that developed the asset over four decades ago. Intercity Realty Group represented the buyer, a Glendale-based investment group. “We have worked with the seller, advising on its commercial real estate portfolio for more than a decade now, and this transaction was conducted off-market in a deal-match situation,” Berk said in a statement. “The new owner is planning to update and reposition the asset for its next chapter with more modern amenities and upgrades.”