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2/09/15
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Laurus Corporation recently wrapped up a Pasadena office buy, purchasing a 163.2k sf building at 199 South Los Robles, about two blocks south of Colorado Blvd. The price was not given out.
The Class A, eight-story building features a post-modern/contemporary architectural style and boasts a roster of accredited quality tenants. Situated between the cross streets of Cordova and El Dorado, the property is just one block south of the award-winning Paseo Colorado lifestyle center, and a short walk from Old Town Pasadena and the Lake Avenue Business and Shopping District.
The location offers access to the nearby executive housing neighborhoods of San Marino, South Pasadena, and La Canada Flintridge, as well as local and regional thoroughfares including the 210, 134 and 110 freeways. It is also near the Del Mar Metro Gold Line Station and adjacent to the Pasadena Convention Center.
Laurus plans to make a number of improvements to the asset, including renovations to the lobby, corridors, bathrooms, elevator lobby, overall common areas and building systems. The upgrades are expected to increase rental rates, occupancy and tenant satisfaction.
The Tri-Cities office market, which includes Pasadena, Burbank and Glendale, is the third largest and one of the best performing markets in Los Angeles County, with an average occupancy of 89 percent over the last 15 years. With nearly 7 msf of office space, Pasadena is the Tri-Cities’ largest submarket and has consistently maintained one of the market’s lowest vacancy rates and highest rental rates due to its diversified tenant base, strong labor pool and excellent amenities.
“Recent leasing momentum and the lack of available Class A office space will drive up occupancy and market rents,” noted Austin Khan, Chief Investment Officer of Laurus Corporation. “At 86 percent occupied, Pasadena continues to have some of the highest occupancy in Los Angeles. Furthermore, current rents are 25 to 30 percent below peak levels, allowing for significant increases in market rent before historical levels are reached.”
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