Wednesday, July 18, 2018

Altadena Office Building Reportedly Sells for $11.1 Million

First City Credit Union has acquired a 55,000 square-foot modern office building in Altadena for $11.5 million, commercial real estate news outlet RenTV said in a report Tuesday.

The report said the property, which was vacant at the time of the sale, was sold by J.L. Moseley Co., Inc. of Pasadena.

Located at 500 West Woodbury, northeast of the 210 Freeway by Lincoln Avenue, the building was vacant at the time of sale. The building is located in one the most fundamentally strong office markets in Los Angeles County, and 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, the report said.

“It is rare to find such a well-located, high-quality, move-in ready office building that can accommodate an owner-user,” Mark Shaffer, Vice President of CBRE, which represented the seller, told RenTV. “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.”

A listing on OfficeSpace.com said the building was built in 1988 on 2.03 acres of land. Its asking price was listed as $12.75 million.