The building stands on about four acres of land at 7590 Glenoaks Blvd. It was acquired by Executive Software, a company that develops computer software programs.
Executive Software will move into the building within the next couple of months. The space was previously used as the office and manufacturing headquarters of Elmo Semiconductor Corp., which is in the process of relocating to the North County suburb of Valencia.
A broker involved in the deal says that Executive Software plans to occupy 45,000 sf of its new building, but will lease out the remaining 27,000 sf of first-floor space.
The buyer was represented by Brian Metcalfe and Don Ferris of Cushman & Wakefield, with help from Ray Lepone of Grubb & Ellis. The two C&W brokers also represented the seller.
No blockbuster office sales have been announced in the LA area over the past several weeks. But many deals in the $5 million- to $15 million-range have recently been completed. Brokers see this as a sign that private-sector companies and property investors believe rents and prices in the county will keep going up.
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