A fund advised by CBRE Global Investors has purchased the Pasadena Towers office complex in the South Lake Retail District of Pasadena, California for roughly $257 million. Terms of the deal were not disclosed, but a CBRE press release indicated that Michael Ziestman and Patrick Inglis of JLL represented the seller, Beacon Capital Partners, in the transaction. Leasing brokers Shaun Stiles, Katie Cowan and Joshua Wrobel of JLL also advised Beacon in the sale. CBRE purchased the property with capital in its fund and debt.
“The Los Angeles economy is well-positioned to benefit from the continued expansion of the technology and media sector, and the Pasadena submarket has proven itself to recover faster than the MSA and the nation as a whole," said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “As the home of institutions like CalTech and NASA's Jet Propulsion Laboratory, Pasadena offers a highly educated workforce. With the submarket emerging as 'LA's Other Tech Hub,' Pasadena Towers will be able to attract both traditional and creative tenants."
Located at 800 E. Colorado Blvd. and 55 S. Lake Ave., Pasadena Towers includes two nine-story towers with 477,051 square feet of space, 5% of which are retail, with a 1,238-stall parking structure. Beacon acquired the complex in 2012 as part of a $1.6 billion portfolio, at which time Pasadena Tower was 55% leased, then invested in an $18 million capital improvement plan.
The property was 93% leased upon CBRE's purchase, with major tenants including Bank of America, the financial firm First Quadrant and Hybrid Kinetic Motors Corporation. With well-capitalized new ownership from CBRE Global Investors, Pasadena Towers will soon feature exclusive 5-Star Worldwide upgrades that cultivate creativity, drive productivity and foster workplace wellness.
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