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LOS ANGELES-Locally based CB Richard Ellis Investors LLC, an investment arm of the LA-based real estate conglomerate, has acquired 505 N. Brand Ave., a 311,787-sf, 16-story office building in the heart of suburban Glendale’s booming business district.

Though no one involved directly in the transaction would disclose details, GlobeSt.com has learned that the building sold for about $55 million. It is owned by LA-based Shuwa Management Corp. Shuwa’s parent, which is based in Tokyo, has sold several pieces of its once-vast Southland portfolio over the past several months.

With class A vacancy rates in the Glendale-Burbank-Pasadena submarket below 6%, the 14-year-old building’s flexible floor plates makes it ideal for large users in search of contiguous space, says broker Doug Marlow of the Glendale office of CB Richard Ellis, the exclusive leasing agent. He’s teamed with Nicole Wilson of the Glendale CB Richard Ellis office.

Marlow says interior upgrades are in progress, adding that the building’s location close to freeways, high-end retailers, banks and entertainment facilities is an added bonus for prospective tenants.

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