Bohlinger, Serafin Aquino and Doug Marlow of CBRE represented CB Richard Ellis Investors, which had owned the building for about four years. The building also houses the Glendale office of CBRE.
Built in 1987, the 505 N. Brand building was approximately 83% occupied at the time of the sale. The property includes on-site parking of 1,056 spaces in a partially subterranean and partially above-ground garage.
Bohlinger describes the property as "an extremely well-located building" that provides the buyer with "a combination of good near-term yield with a tremendous opportunity to capture what we project to be an accelerating rental growth in the near future."
Average asking rent for office space in the Tri-Cities market was $2.42 per sf per month in the third quarter, according to the latest CBRE market report, which listed the countywide average asking rate as $2.23 per sf per month. The vacancy rate at the end of the third quarter stood at 8% in the 24-million-sf Tri-Cities market, compared with 11.3% countywide in the 176-million-sf L.A. County office market.
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