DivcoWest Sells Glendale Office Building For $70M
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The office building at 655 N. Central Ave. in Glendale
DivcoWest sold a Glendale office building at 655 N. Central Ave. for $70M, less than half of what it paid in 2017 for the 24-story, 542K SF tower.
The buyer was an LLC linked to West Covina-based property and asset management company Sunny Hills Management Co. The sale price works out to roughly $129 per SF.
San Francisco-based DivcoWest bought the Glendale office tower in 2017 for $179M. In 2022, CBRE secured $145M in financing for the property from “a multinational investment banking company,” according to reports at the time. Property records show that Deutsche Bank filed a deed of trust on the property around that time. That financing was in the form of a five-year, floating-rate loan, with maturity in early 2027.
Representatives for DivcoWest and Newmark, which worked on the deal, did not immediately respond to requests for comment from Bisnow. Deutsche Bank and Sunny Hills Management declined to comment.
The sale closed in late August and was recorded on Sept. 4. Public records did not show the sale price but did show the documentary transfer tax was $77K. Using this tax payment and the standard LA County transfer tax rate, Bisnow was able to determine the sale price.
Other sales in the Glendale tower’s per-square-foot price range this quarter were the sale of 333 S. Grand Ave., Brookfield’s Wells Fargo Tower North, to The 601W Cos., which worked out to about $107 per SF, and the sale of 865 S. Figueroa St., which worked out to about $129 per SF.
Office sales in the second quarter of the year topped 5M SF, while price per square foot dropped to under $200, according to a report from Colliers. They were up around $250 per SF in Q2 2025.
This is not the first time Sunny Hills Management has taken advantage of stressed ownership to pick up office space at a discounted price. Last year, the company bought 400 and 600 Corporate Pointe, a 462K SF Culver City office complex, paying $72.5M, or $160 per SF.
