Glendale, California, May 27, 2016: Madison Partners has arranged the off‐market sale of 500 N. Central Avenue, a Class A office property located in Glendale, California. Situated in the Downtown Glendale market area, at the epicenter of a significant wave of mixed‐use redevelopment, 500 N. Central Avenue consists of a 9‐story office tower totaling 123,732 rentable square feet. Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the buyer, Volwood Corporation, a Southern California‐based investment, development and management firm, which purchased the Property for $27,325,000, or approximately $221 per square foot, from Peregrine Realty Partners.
500 N. Central Avenue, constructed in 1991, has an average floor plate of approximately 14,000 rentable square feet, and features ample on‐site parking, high‐end common area and tenant finishes, and immediate access to the large base of Downtown Glendale amenities. The Property has a diverse rent roll with notable national, regional and local tenancy including The State of California, AIG/Valic, Maxim Healthcare, and Romberger Wilson & Beeson. Located in the central district of Glendale, which is undergoing a significant boom in redevelopment to become a vibrant urban center, the Property is extremely well positioned to benefit from the area’s significant and ongoing momentum.
This transaction marks the 10th off‐market sale in the last 24 months that Madison Partners has successfully brokered, representing nearly $316 million in transaction volume.