LOS ANGELES – March 22, 2016 – A fund advised by CBRE Global Investors has acquired Pasadena Towers, a 477,051 square foot, two-tower Class A+ office campus in Pasadena, California. The property, which includes 5 percent retail space and a 1,238-stall parking structure, is 93 percent occupied.
The nine-story towers are located at 800 E. Colorado and 55 S. Lake in the South Lake Retail District of Pasadena, which is home to hundreds of local and national retailers, luxury hotels and dining venues, providing a strong amenity base for tenants. Located only blocks from the I-210 Freeway and the Lake Avenue Metrolink stop, the campus is also highly accessible by public and private transportation. Due to Pasadena Towers’ “Main and Main” location and flexible floor plate design, the current tenant base includes a diverse blend of investment-grade and credit-worthy tenants ranging from financial institutions with traditional office build-outs to high-growth tech firms with creative, open-floor concepts.
One of only five Class A+ office properties in Pasadena, the property recently underwent an $18 million capital improvement plan intended to cement its status among the premier office buildings in Pasadena. The property, which has competitive features, including award-winning Beaux Arts-inspired architecture and large rectangular floor plates, now boasts a first-rate amenity package that includes a large renovated courtyard with WiFi, a new fitness center, a bike room, and a 2,000+ square foot conference room. Other recent enhancements include lobby and common corridor renovations, security system upgrades, landscaping, and parking equipment upgrades, as well as construction of creative office space. Pasadena Towers is in pursuit of LEED Platinum certification.
“The Los Angeles economy is well-positioned to benefit from the continued expansion of the technology and media sector, and the Pasadena submarket has proven itself to recover faster than the MSA and the nation as a whole,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “As the home of institutions like CalTech and NASA’s Jet Propulsion Laboratory, Pasadena offers a highly educated workforce. With the submarket emerging as ‘LA’s Other Tech Hub,’ Pasadena Towers will be able to attract both traditional and creative tenants.”
Michael Ziestman and Patrick Inglis of JLL represented the seller.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.