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8/09/21
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A 42k sf office building on a large land parcel in Encino sold for $13.2 mil ($314/sf). The property is located at 17000 Ventura Blvd, just west of Balboa Blvd in the southern San Fernando Valley.
The buyer plans to hold the property, originally built in 1960 and remodeled in 2020, as an investment and add it to his nearby existing holdings, which are currently highly leased. Since the close of escrow, two leases have been signed and another is in negotiations to bring the building to above 90% occupancy.
Scott Romick and Darren Casamassima with Lee & Associates-LA North/Ventura represented the seller, 17000 Ventura Blvd LLC. Jared Smits, also with Lee and Associates-LA North/Ventura, repped the buyer 17000 Ventura LLC.
“This property is an excellent opportunity for an investor to own a prime commercial office asset on Ventura Boulevard in the Valley’s central business corridor surrounded by Class A high-rises owned by large institutions,” said Romick. “It has many features that tenants and businesses are looking for today – low rise, easy access, good parking, open-air spaces with private balconies and tenant outdoor seating.”
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