CBRE Facilitates $13 Million Owner-User Sale of Boutique Office Buildings

CBRE arranged the sale of two boutique office buildings located at 320–330 Arden Avenue in Glendale, Calif. A local owner-user acquired the properties for $13 million, approximately $300 per square foot.

CBRE’s Mark Shaffer, Gerard Poutier, Anthony DeLorenzo and Dylan Rutigliano represented the seller, JSGPT LLC.

“Owner-users continue to deliver strong pricing support for freestanding boutique office buildings like 320-330 Arden, situated in the highly sought‑after Glendale Central Business District,” said Shaffer, senior vice president at CBRE. “Market factors, including bonus depreciation and lender liquidity, are driving occupiers to own versus lease, yielding excellent outcomes such as this one.”

The two buildings, totaling 43,365 square feet, offer a creative, campus-like environment. The property features outdoor patios, private balconies and secure subterranean parking.

Built in the mid-1980s, the buildings have been significantly upgraded over the past five years, with thousands invested in new roofs, exterior painting, elevator modernization and HVAC improvements.

Situated near numerous amenities along the Brand Boulevard corridor, the properties provide convenient regional connectivity via Interstate 5 (I-5), State Route 2 (SR‑2), SR‑134 and I‑210 freeways.