Beverly Hills, CA-based Kennedy Wilson, a global real estate investment company, has sold the Ameron Center in Pasadena for $40.5 million, or $230 per square foot. The eight story office building was purchased by an entity connected to developer Patrick Chraghchian, president of American General Contractors (AGC), according to a report from The Real Deal. The sale marks a narrow profit for Kennedy Wilson, which originally acquired the building from Wells Fargo Bank in 2014 for $39 million. New York-based Berkadia represented both sides of the transaction, the terms of which were not disclosed.
Built in 1971, the 60,880 square foot office building at 245 South Los Robles was 25% leased at the time of sale, which has led to some speculation that the site could be used for development. The building was renovated in 1994 and subsequently won BOMA's Building of the Year Award. Located at the southwest corner of South Los Robles and Cordova, the property is adjacent to the full-service Sheraton and Hilton Hotels and near Old Town Pasadena and the Lake Avenue Business and Shopping District.
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