A 42,000-square-foot Encino office property has sold for $13.2 million, or roughly $314 a square foot.
The property at 17000 Ventura Blvd. was originally built in 1960 and remodeled in 2020.
Lee & Associates-LA North/Ventura Managing Director Scott Romick and principal Darren Casamassima negotiated the sale. Romick and Casamassima represented the seller, 17000 Ventura Blvd. LLC. Jared Smits, principal at Lee and Associates-LA North/Ventura represented the buyer, 17000 Ventura LLC.
The buyer plans to hold the property as an investment and add it to nearby existing holdings, which are currently highly leased. Since the close of escrow, two leases have been signed and another is in negotiations to bring the building to above 90 percent occupancy.