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December 17, 2018
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Doheny Eye Institute Makes $50 Mil Pasadena Property Buy


Doheny Eye Institute (DEI) paid $50 mil for a four-story, 123.2k sf Pasadena office building that will become its new headquarters. The building, at 150 North Orange Grove Blvd, will provide DEI administrative office space, research labs, clinic space and outpatient services.

(L - R): Bill Boyd, Scott Unger, Lauren Nesmith, and Linda Lee
(L - R): Bill Boyd, Scott Unger, Lauren Nesmith, and Linda Lee
The seller of the building was SteelWave, who acquired the property in late 2013. It was sold at the time by Avery Dennison, who had owned and occupied the building since its 1981 completion.

After its purchase, SteelWave embarked on a $10 mil renovation of the asset that included a refurbishment of the elevators, restrooms and mechanical systems, and added more usable square footage to the building. Avery Dennison leased the property from SteelWave for about 12 months before it then relocated and leased office space at 207 Goode Avenue in Glendale, an approximately 190k sf, multi-tenant office building along the 134 Fwy.

Bill Boyd, Linda Lee and Scott Unger of Charles Dunn Company represented Doheny, a world-renowned eye research institute. The firm anticipates relocating its administrative offices to the new building in the fourth quarter of 2018. Its current headquarters is in Los Angeles in a building on the County-USC medical campus.

“Our Charles Dunn team began a site selection search more than two and a half years ago and DEI reviewed and considered 81 relocation sites in the west San Gabriel Valley,” said Boyd, a senior managing director with Charles Dunn Company.

“Lee, also a senior managing director for the firm, added: “This Pasadena property was the best fit for the Institute as it was one of the most affordable options and also enables DEI to occupy much sooner than waiting three years for a new building to be built.”

In January of this year, the Charles Dunn team sold another DEI building on the medical campus that had also been managed by Charles Dunn, for $120 mil. The Institute had formerly partnered with USC for several decades and just last year joined the UCLA Healthsystems Network and is now affiliated with the renowned Jules Stein Eye Institute.

For 70 years, DEI has been at the forefront of vision science from seeking new ways to free blockages that prevent fluid drainage in glaucoma, to replacing retinal cells in age-related macular degeneration, to providing colleagues worldwide with standardized analyses of anatomical changes in the eyes of patients, Doheny clinicians and scientists are changing how people see—and also how they think about the future of vision.

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