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Thursday, Jun 8, 2023

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High price paid for building

A Dallas-based real estate investment trust has paid what is believed to be the highest per-square-foot price in recent memory for an office building in Encino.

Sources said Basic Capital acquired the Coldwell Banker building at 16501 Ventura Blvd. for $40 million in a combination of cash and notes, making the cost of the 176,000-square-foot building about $227 per square foot.

“This is a huge amount of money,” said Tom Festa, a broker with Grubb & Ellis.

The price of buildings in the Sherman Oaks-Encino area has been averaging about $160 per square foot, although a few have reached $200 a square foot or slightly more.

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