The Glendale Financial Square office building has sold for $27.5 million to two Southern California-based real estate investment firms. The companies are taking ownership as Hacienda Associates.
Two-thirds of the seller partnership was represented by Kidder Mathews’ Bill Boyd, Linda Lee and Scott Unger.
The seller was a partnership between three local investors: Hyun 1996-2 Family; Royalblue, and Broadway JSY.
The 126,500-square-foot office building is located at 225 West Broadway in Glendale, directly across the street from the Glendale Galleria regional mall and Caruso’s the Americana at Brand lifestyle center.
The buyer identified the property as part of an exchange and was attracted by the building’s location, recent leasing success and future value-add opportunities, according to Kidder Mathews.
The buyers will upgrade the building’s common areas and main entry plaza.
It also plans to work on securing additional tenants.
Located at 225 W. Broadway, Glendale Financial Square sits on 1.76 acres and covers 122,358 square feet of office space.
The property, which was built in 1980, was the city’s first office development to provide direct elevator access from an underground parking level to the office tenant floors.
Buildings developed before that time had separate adjacent parking structures.
“The recent purchase of the Glendale Financial Square is a good example that well-located core assets, in a traditionally stable office market like Glendale, still attract investment interest despite market distractions,” Unger said in a statement.