David Thind of Coldwell Banker Commercial Westmac office, who represented both the buyer and the seller along with partner Alexander Sachs of the same Coldwell Banker office, says the sale ranks among the largest in the Los Angeles city limits this year. The seller was IPX, on behalf of Encino Executive Plaza LTD, a locally based investor group, which had owned the property for about five years.

Thind says the buyer liked the property for its commanding presence at the northwest corner of Ventura Boulevard and Hayvenhurst Street. It is considered one of the best office buildings in the San Fernando Valley. At the time of sale, the building was 75% leased, with major tenants including Prudential Securities, Cartel Marketing Inc. and Coldwell Banker Residential Real Estate.

Thind tells GlobeSt.com that the building is in good condition and that probably all it really needs is a more aggressive marketing effort from the new owners in order to boost occupancy from the current 75%.

The Encino Executive Plaza deal ranks well within the top 10 office property sales in Los Angeles County this year, a group of transactions that includes deals ranging from the $22.4 million sale of an El Segundo property to the $270 million purchase of the Arco Plaza Towers in Downtown Los Angeles.

The San Fernando Valley office market has been one of the better performers among L.A.-area office markets in recent quarters, with quarterly reports from brokerage companies showing significant net absorption in the San Fernando as well as the nearby Conejo and Santa Clarita valleys.