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The Real Deal Los Angeles

Volwood Corporation buys Glendale office for $27.3M

The property at 500 North Central Avenue has over 120,000 sf of leasable space
The office building at 500 North Central Street (credit: Google Earth)

The office building at 500 North Central Avenue (credit: Google Earth)

Real estate developer Volwood Corporation has purchased a Glendale office building for $27.3 million, or $221 per square foot.

The seller of the 123,732-square-foot commercial property was Peregrine Realty Partners. 

Located at 500 North Central Avenue, the nine-story structure has about 14,000 square feet of rentable space per floor.

Built in 1991, the property is about 90 percent leased. Tenants include the State of California, retirement plan provider VALIC and Maxim Healthcare Services.

According to Bob Safai of Madison Partners, who represented Volwood in the deal, the buyer has no immediate plans of renovating or changing the property.

In March, Volwood sold a 96,000-square-foot Burbank medical complex to Goldstein Planting Investments for $48 million, The Real Deal previously reported. Through a 1031 exchange, Volwood planned on making a new investment after that sale.

Glendale has a 6.6 million-square-foot office market that includes just under 50 buildings. In the last quarter of 2015, the submarket saw 12.9 percent vacancy.

Plano, Texas-based firm Granite Properties will be among the latest developers to buy property in Glendale with its nearly closed purchase of a 300,000-square-foot building at 550 North Brand Boulevard for $80 million. Down the road, an Aloft hotel will soon rise as the Glendale City Council approved construction plans two weeks ago.

  • Migdia Chinea

    Hey Arin.

    I am a long-time resident of Glendale and live in the Peterson House California historic in the Glendale historic Rossmoyne hills. The majority of Glendale city council is running roughshod over its citizens by approving a 5-story Aloft Hotel on Brand near a residential area, by two elementary schools and across the street from a historic church. I believe there are kickbacks or serious conflicts of interest or favors to city council members involved in a decision from they should have recused themselves.

    The neighbors have petitioned and even appealed at our cost this horrific decision but these Citycouncil individuals just wish to overbuild north Glendale and turn it into a high density area, which would cause more traffic, more accidents, more noise, more danger to kids and elderly and the lessening of our property values.

    Please take a look at this — I have no
    doubt these people are getting kickbacks from the hotel developers. About two years or so the Glendale mayor (Drayman) went to prison for the embezzlement of $300,000 of city funds. This city is rife with corruption.

    My home is my only investment and I raised my only son here — he’s back living here.

    Who is minding the store and are there checks and balances in our city –especially our City Council? Where do I go to make sure they are not being unduly influenced? They put this spy on the Rossmoyne Nextdoor thread to be a dissenting voice. However no one mentioned he is the brother of the developer and that he doesn’t live in Glendale. How many council members are so encumbered?

    It’s such an important issue for our community. My housekeeper was run over by an sub on California and spent 3 weeks at Huntington Memorial after serious surgery.

    Please, respond right away.

    Thank you so much.

    Migdia Chinea UCLA MFA TFT 2012. Please google me. Member of the WGAW. (818) 590-6439

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone

  • Migdia Chinea

    Hey Arin.

    I am a long-time resident of Glendale and live in the Peterson House California historic in the Glendale historic Rossmoyne hills. The majority of Glendale city council is running roughshod over its citizens by approving a 5-story Aloft Hotel on Brand near a residential area, by two elementary schools and across the street from a historic church. I believe there are kickbacks or serious conflicts of interest or favors to city council members involved in a decision from they should have recused themselves.

    The neighbors have petitioned and even appealed at our cost this horrific decision but these Citycouncil individuals just wish to overbuild north Glendale and turn it into a high density area, which would cause more traffic, more accidents, more noise, more danger to kids and elderly and the lessening of our property values.

    Please take a look at this — I have no
    doubt these people are getting kickbacks from the hotel developers. About two years or so the Glendale mayor (Drayman) went to prison for the embezzlement of $300,000 of city funds. This city is rife with corruption.

    My home is my only investment and I raised my only son here — he’s back living here.

    Who is minding the store and are there checks and balances in our city –especially our City Council? Where do I go to make sure they are not being unduly influenced? They put this spy on the Rossmoyne Nextdoor thread to be a dissenting voice. However no one mentioned he is the brother of the developer and that he doesn’t live in Glendale. How many council members are so encumbered?

    It’s such an important issue for our community. My housekeeper was run over by an sub on California and spent 3 weeks at Huntington Memorial after serious surgery.

    Please, respond right away.

    Thank you so much.

    Migdia Chinea UCLA MFA TFT 2012. Please google me. Member of the WGAW. (818) 590-6439

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone

  • Migdia Chinea

    Hey Arin.

    I am a long-time resident of Glendale and live in the Peterson House California historic in the Glendale historic Rossmoyne hills. The majority of Glendale city council is running roughshod over its citizens by approving a 5-story Aloft Hotel on Brand near a residential area, by two elementary schools and across the street from a historic church. I believe there are kickbacks or serious conflicts of interest or favors to city council members involved in a decision from they should have recused themselves.

    The neighbors have petitioned and even appealed at our cost this horrific decision but these Citycouncil individuals just wish to overbuild north Glendale and turn it into a high density area, which would cause more traffic, more accidents, more noise, more danger to kids and elderly and the lessening of our property values.

    Please take a look at this — I have no
    doubt these people are getting kickbacks from the hotel developers. About two years or so the Glendale mayor (Drayman) went to prison for the embezzlement of $300,000 of city funds. This city is rife with corruption.

    My home is my only investment and I raised my only son here — he’s back living here.

    Who is minding the store and are there checks and balances in our city –especially our City Council? Where do I go to make sure they are not being unduly influenced? They put this spy on the Rossmoyne Nextdoor thread to be a dissenting voice. However no one mentioned he is the brother of the developer and that he doesn’t live in Glendale. How many council members are so encumbered?

    It’s such an important issue for our community. My housekeeper was run over by an sub on California and spent 3 weeks at Huntington Memorial after serious surgery.

    Please, respond right away.

    Thank you so much.

    Migdia Chinea UCLA MFA TFT 2012. Please google me. Member of the WGAW. (818) 590-6439

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone

    Envoyé de Migdia’s iPhone