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9/01/16
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In an office investment buy in Pasadena, an unnamed buyer paid $30 mil for a 62.3k sf ($482/sf), boutique building in the city’s Old Towne neighborhood. The property, located on 1.5 acres at 150 East Colorado Blvd, near the 210 and 134 Freeways, was sold by Equity Office.
The building’s location in Old Towne Pasadena places it within walking distance of over 20 msf of retail amenities, providing the property with a Walk Score® of 97. The property is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries, including OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers. Pasadena is home to the 2nd largest concentration of Fortune 500 Companies in California.
Ryan Gallagher and Andrew Harper with HFF represented the seller in the deal. The buyer was repped by Long Dragon Realty.
“The sale of 150 East Colorado will enable the new owner to occupy nearly 3k sf of the vacant space for their headquarters, and realize significant near term upside as more than 40 percent of the leased square footage expires in the next three years, with in-place rents more than 10 percent below current market rate,” said Harper.
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