Towering Price for Office Building

An office building in Woodland Hills has sold for $4.7 million. At $470 per square foot, the price was more than double the median price per square foot of $212 in the Los Angeles North region. The 10,300-square foot building in the 5900 block of Variel Avenue was sold to gas station operator Macland Investments for use as administrative offices. The seller was a private investor who purchased the property in 2012. He was represented by Scott Romick, managing director and principal of Lee & Associates-LA North/Ventura. “We marketed the property for about one month and received a number of offers,” Romick said in a prepared statement. It was not surprising the building went for that price given that businesses are seeking to own their own buildings in order to control overhead expenses and support their branding and identity, added Romick.