A property whose reported value has declined
Glendale Plaza has sold for less in each of its reported transactions since Prudential Financial acquired the tower in 2006. That purchase was valued at $215 million, or about $369 per square foot, according to The Real Deal. DivcoWest bought the 24-story, 655 N. Central Ave. property in 2017 for $179 million, and has now sold it for $70 million, Bisnow reported.
The buyer is an LLC linked to Sunny Hills Management Co., a West Covina-based property and asset management company. The roughly 542,000-square-foot building, also known as Glendale Plaza, changed hands for approximately $129 per square foot, according to Bisnow.
How the latest price was established
The transaction closed in late August and was recorded Sept. 4. Although the public record did not state the consideration, it showed a $77,000 documentary transfer-tax payment. Bisnow calculated the $70 million price from that payment and the standard Los Angeles County transfer-tax rate.
Newmark worked on the sale. Representatives for Newmark, DivcoWest, and Sunny Hills Management either declined to comment or did not immediately respond to Bisnow’s requests.
Debt remained part of the ownership story
During DivcoWest’s ownership, CBRE arranged $145 million in financing for the property in 2022. The loan was structured with a five-year floating rate and was scheduled to mature in early 2027; Deutsche Bank filed a deed of trust on the building around the same time, according to Bisnow. At the time of the refinancing, Glendale Plaza was 77% leased, REBusinessOnline reported.
The building’s physical record provides a different measure of its performance. Glendale Plaza has held ENERGY STAR certification for more than 20 consecutive years and received a score of 100 in 2025, according to the ENERGY STAR registry. REBusinessOnline also reported that DivcoWest spent more than $17 million on renovations, including common-area improvements, tenant conference space, indoor and outdoor amenities, and a remodeled fitness facility.
The sale’s market context
The $129-per-square-foot result is in line with other low-priced office trades cited by Bisnow. The report placed sales at 333 S. Grand Ave. and 865 S. Figueroa St. at about $107 and $129 per square foot, respectively, and identified Brookfield’s Wells Fargo Tower North as having been sold to The 601W Cos.
The same Bisnow report said Greater Los Angeles office sales exceeded 5 million square feet in the second quarter of 2026 while average prices fell below $200 per square foot, compared with roughly $250 per square foot in the second quarter of 2025. Against that backdrop, Sunny Hills Management’s purchase of Glendale Plaza follows its 2025 acquisition of the 462,000-square-foot 400 and 600 Corporate Pointe complex in Culver City for $72.5 million, or about $160 per square foot, according to Bisnow.
