A group of investors has paid $5.6 million for the 48,373-square-foot office building at 9221 Corbin Ave. in Northridge.
The investment group 9221 Corbin LLC purchased the building from Northridge Associates LLC for about $115 per square foot. The building is part of an office campus and sits on about two acres of land.
The multi-tenant, two-story office building is 100 percent leased, said Bob Safai of Madison Partners, who represented both sides of the deal.
"It was a small yield play, believing rents will continue to grow in the area," Safai said.
The property is ground leased to Northridge Associates for 55 years. Safai said that the new owners will do minor upgrades to the property including a new HVAC system.
The Bank of New York Trust Co., a subsidiary of the Bank of New York Co. Inc., has signed a five-year lease to remain in its space on two floors at 700 S. Flower St. in downtown Los Angeles.
The lease for 46,816 square feet on the second and fifth floors of the building begins in April. The 33-story office tower is owned by Los Angeles-based Jamison Properties Inc., the company operated by Korean real estate investor David Lee.
The lease is valued in excess of $4 million, according to Jamison. "The Bank of New York is very easy going, very friendly," said Sandy Nam, Jamison's building manager for 700 S. Flower St.
John Eichler, a senior vice president at Cushman & Wakefield Inc., represented the bank on the deal. Jamison represented itself in-house.
Just four months ago, Rodeo Realty moved into new headquarters on North Sepulveda Boulevard next to the San Diego (405) Freeway.
Now the company has learned that there are several California Department of Transportation proposals on the table for widening the freeway to make room for carpool lanes, including one plan that would involve razing a church and a few dozen homes. The Rodeo Realty office at 600 N. Sepulveda Blvd. could be demolished as well.
Syd Leibovitch, president and owner of the Bel Air-based residential brokerage, claims he is unfazed despite signing a long-term lease with North Sepulveda Properties Inc.
"I don't take them very seriously," he said. "Nothing is going to happen here because we are dealing with the government."
Still, since the plan was announced earlier this month, Caltrans officials have been surveying properties in the pass, including the Rodeo Realty office.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Viacom Renews Nickelodeon Lease
- Partnership Buys Burbank Industrial Facility for $20 Million
- West Covina's Prime Address Sells for $333 Per Square Foot
- Real Estate Brokers Made It Through Lean Years to Build a Leasing Market
- Activity "Just Rolling Along" in Absence of Lease Opportunities
- Sellers Reluctant to Close Despite Market-Peak Conditions
- Sale of Alameda Media Center Shows Burbank's Strength
- L.A. Weekly Makes Alternative Choice with Westside Lease