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4/29/24
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Here’s news of a 136.6k sf, Class A office building in the heart of Glendale’s financial district that’s been put on the market. The building, situated on 0.87 acres at 700 N. Central Ave, is an eight-story, multi-tenant structure that is currently 84% occupied. Built in 1979, the property is being offered on a fee simple basis, free and clear of any existing financing, and on an “as-is, where-is” basis.
Located immediately north of the Ventura (134) Fwy, the property offers unobstructed views and freeway signage opportunities to its anchor tenants. Approximately 258,198 vehicles per day pass the property on the freeway. The property includes 323 parking spaces plus rights to park in an adjacent, six-level, 1,594-stall parking structure.
Current ownership has invested approximately $4.4 mil ($32/sf) in capital expenditures since 2020, which has driven leasing success in the building. Over the past 24 months, ownership of 700 N Central has completed 20 new leases and renewals, representing 39% of the rentable area of the building, making it the second most active building in the Glendale submarket in terms of leasing activity.
The entire 18k sf 7th floor is currently the only full-floor availability at the property. This offers an owner-user or tenant the opportunity for immediate occupancy on one of the building’s premier floors, while also benefiting from roof-top signage visible from the freeway.
The listing is being handled by a CBRE team that includes Mark Shaffer, Anthony DeLorenzo, Sean Sullivan, Mike Longo, Kevin Duffy and Greg Grant. There is not an asking price but the marketing is asking for “best offer”.
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