Glenborough Buys First Financial

Glenborough Realty Trust purchased First Financial Plaza in Encino for $47.3 million or $217.48 per square foot. At 16830 Ventura Blvd., the 6-story office building has a diversified tenant roster, with no tenant occupying more than 15 percent of the total rentable area. The building creates a unique blend of old world elegance and contemporary sophistication using its garden courtyard, waterfall and lush foliage to create a serene setting. "First Financial Plaza benefits from its in-fill location and the local development controls," said Robert Batinovich, Glenborough's CEO. "It has minimum vacancy with a high quality diversified tenant roster and minimal near-term lease rollover." Glenborough was represented in-house. Sean Sullivan, Thomas Bohlinger, Mark Perry and Madeline Schwartz of CB Richard Ellis represented the seller, Cornerstone Suburban Office LP.