Despite decline in office use among many major corporations, prominent office buildings in the Greater Los Angeles’ are continuing to sell. One office tower has recently been placed up for sale in the San Gabriel Valley with a $15.98 million asking price, or approximately $132 per square foot. Known as 300 Park, the 120,776 square foot building maintains a strong tenant mix and is one of the tallest buildings in the immediate vicinity, according to the listing from Lee & Associates.
Located on 1.6 acres of land in Pomona, the office building is nine stories. Property records show that the office building last traded in 2007 for $15.75 million when it was acquired by an entity affiliated with Jamison Services Inc., a Los Angeles-based real estate company.
Currently, 300 Park is 75 percent leased to a mix of tenants in the healthcare and government sectors. This includes The County of Los Angeles, which represents 15.4 percent of the building. Local healthcare-related companies represent another 48.5 percent of the building’s rentable area.
In total, eight tenants occupy space at the property, with three of the tenants having been there for more than ten years. Overall, tenants maintain a weighted average lease time of just over six years remaining.
The office building is located between Interstate 10 and State Route 71, providing direct access to downtown Los Angeles, the Inland Empire and other surrounding communities. The property is also within close proximity to Cal Poly Pomona, a university with annual undergraduate enrollment of about 30,000 students.
