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7/17/18
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First City Credit Union paid $11.5 mil for a modern, 55k sf ($209/sf) office property in Altadena. The property was sold by J.L. Moseley Co Inc.
Located at 500 West Woodbury, northeast of the 210 Fwy by Lincoln Ave, the building was vacant at the time of sale. The property, which sits in one the most fundamentally strong office markets in Los Angeles County, features two stories, an abundance of windows and updated landscaping. The building was also recently renovated, including a modernization and cosmetic upgrade of the lobby, common areas, communal space and suites.
Mark Shaffer, Gary Stache, Anthony DeLorenzo, Doug Mack, Kevin Duffy and Natalie Bazarevitsch of CBRE represented the seller in the deal.
“It is rare to find such a well-located, high-quality, move-in ready office building that can accommodate an owner-user,” said Shaffer. “We continue to see strong demand from companies looking for high image buildings surrounded by a highly educated labor market and executive and workforce housing.”
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