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7/25/16
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Alexandria Real Estate Equities has acquired a 30.7k sf surface parking lot property in Pasadena for development of an office project that will be the real estate firm’s new corporate headquarters. Alexandria paid $17.5 mil for the property.
The site is located at 380 E. Union St, a block north of Colorado Blvd and a block west of Los Robles Ave. It is adjacent to an existing office property, at 385 E. Colorado Blvd, where the company’s current, 46k sf HQ space is located.
Alexandria’s planned office project is slated to be around 75k sf in size and will include some space for food retailers. The company hopes to complete construction in 2019.
The property was sold by Pasadena-based MS Property Company. Alexandria was represented in the transaction by Sean Westgate and Matthew Miller with Cresa Partners.
Alexandria Real Estate Equities is a NYSE-traded, urban office REIT that specializes in world-class collaborative science and technology campuses. The firm has a total market capitalization of $11.1 bil and an asset base in North America of 24.5 msf as of March 31, 2016.
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