Suburban LA Office Asset Trades for $28M

Glendale Financial Square. Image courtesy of Kidder Mathews

A partnership between Hyun 1996-2 Family LP, Royalblue LLC and Broadway JSY LLC has sold Glendale Financial Square, a 126,500-square-foot office property in Glendale, Calif. Hacienda Associates LP, a joint venture between two Southern California real estate investment firms, acquired the asset for $27.5 million.

The property last traded in 2014 when Angelo, Gordon & Co. sold the asset for $27.2 million, CommercialEdge data shows. Kidder Mathews represented two-thirds of the seller partnership in the transaction.

Completed in 1980 and renovated in 1999, the office property comprises a six-story building with standard ceiling heights, glass exterior and floorplates ranging from 15,000 square feet to 22,000 square feet, as well as 306 parking spaces. U.S. Social Security Administration, California Nurses Association and Optum are among the building’s tenants.

Located at 225 W. Broadway, the property is next to Glendale Galleria and Americana at Brand lifestyle center, offering easy access to numerous retail and dining options. Downtown Glendale and Ventura Freeway are less than a mile away from Glendale Financial Square.

Executive Vice Presidents Bill Boyd and Linda Lee, alongside Senior Vice President Scott Unger of Kidder Mathews, worked on the transaction.

Just recently, Kidder Mathews worked on behalf of Aralon Properties and secured a 10-year lease at 499 Forbes Blvd., a 142,000-square-foot office building in San Francisco. InterVenn Biosciences will occupy the space.