Donald Lam Of Sunny Hills Management Co. Acquires Glendale Office Tower From Stuart Shiff For $70M

The asset involved in this transaction is an office building located at 655 North Central Avenue in Glendale, CA. The property consists of 542,000 square feet and was sold for $70 million, equating to approximately $129 per square foot. This sale represents a significant decrease in price compared to the $179 million valuation when the property was acquired in 2017.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $70,000,000
• Square Footage: 542,000
• Address: 655 North Central Avenue
• Market: Glendale, CA
• Buyer: Donald Lam - Sunny Hills Management Co.
• Seller: Stuart Shiff - DivcoWest
• Broker: Newmark
• Price Per Square Foot: $129

This transaction was facilitated by Donald Lam representing Sunny Hills Management Co., while Stuart Shiff represented DivcoWest in the sale. The deal highlights the current trend of declining office prices and Sunny Hills Management's strategy to acquire distressed commercial properties.