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Thursday, Mar 28, 2024

Sherman Oaks Office Building Sells for $1,342 a Square Foot

A little office building amid the high-rises of Sherman Oaks has sold for $2.7 million, or $1,342 per square foot. Encino-based Capital Realty Solutions Inc. sold the 2,012-square-foot boutique office building, located at 15464 Ventura Blvd. and adjacent to the Sherman Oaks Galleria. Slugged “Wallace Literary,” the building is named after longtime owner and Hollywood multi-hyphenate Randall Wallace, whose credits include studio films “Braveheart,” “Pearl Harbor” and “Secretariat.” Ash Joshi, principal of Encino-based Capital Realty Solutions, represented Wallace, trustee of the Randall Wallace Family Trust, in the transaction. According to Joshi, the deal represents a record per-square-footage price in the Sherman Oaks office market, which Joshi attributes to the location and neighborhood. “This is truly a rare offering which garnered a lot of interest,” Joshi said in a statement. “The asset featured excellent real estate fundamentals, so important to commercial properties: high traffic location, terrific visibility and immediate access to major freeways. This building sets itself apart from the competition with good quality buildout and custom finishes.” In turnkey condition, the Wallace Literary property proved a shoe-in for the undisclosed buyer, who will become the edifice’s new occupant. Building features include private offices, kitchen facilities, a reception library and ample on-site private parking.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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