Commercial Scene : Glendale Building Sold for More Than $20 Million

The Koll Co. has paid more than $20 million for the eight-story, 132,000-square-foot 701 North Brand Building in Glendale.

Koll plans to spend more than $1 million to refurbish the 10-year-old building. The seller, Sears Savings Bank, will continue to lease the building’s two top floors and operate its branch office on the ground level for six more months.

Coldwell Banker has been selected as the building’s leasing agent.