Beverly Hills Company Reportedly Pays $55 Million for the Pasadena Office Tower Building on Los Robles Avenue

Beverly Hills-based GWP Real Estate was the chief buyer behind the purchase last month of Pasadena Office Tower, a 167,000-square foot-building at 199 S. Los Robles Ave., for $55 million, or about $346 per square foot, said a report Tuesday in The Real Deal.

The sale closed February 10 and was brokered by CBRE’s Mike Longo, the report added. The group acquired it from Laurus Corporation, a Century City-based property investor.

Located in the heart of Pasadena, and near the Pasadena Hilton, Pasadena Office Tower has access to many of the amenities that the Hilton provides, including its restaurants, concierge, and hourly shuttle service to and from LAX and Burbank Airports. The building is within walking distance to Pasadena Plaza, the Pasadena Convention Center, and many of the area’s fine restaurants and retail shops.

The building also benefits from being positioned in a high identity location on Los Robles Avenue near the 210 freeway.

The Tower, built in 1983, underwent a multi-million dollar renovation by award-winning Kanner Architects in 2013. The building includes a separate parking structure with 890 parking spaces which also provides parking for the Hilton.

Pasadena Office Tower becomes GWP Real Estate’s latest investment in the area. GWP’s holdings in Pasadena include a 143,000-square-foot office tower at the intersection of Los Robles Avenue and El Dorado Street, according to the company’s website.

GWP, which stands for Golden West Properties, scooped up an 85-percent stake in the 167,000-square foot-building, which stands on a quiet stretch of commercial buildings on the south side of Pasadena.

Five years ago, Laurus Corporation bought the building for $52.5 million.

GWP Managing partner David Pashaie said his company, with the acquisition, inherits a property with about 70-percent occupancy. Tenants include Kaiser Permanente, Spokeo, Synopsys, and Everest Properties. He said the property’s value could improve if properly managed, particularly in a promising Pasadena office market.

Pashaie added his firm will soon implement amenities, including a tenant lounge, a fitness center and a renovated courtyard.

Magna Capital Group, another Beverly Hills company, was among the minority investors in the deal, the report said.

GWP also owns the Santa Monica Medical Plaza near the city’s tourist area as well as shopping plazas in Beverly Hills, Marina del Rey, Encino and West Hollywood.

In January 2018, teaming up with Starpoint Properties, GWP acquired the Adidas and Burn Fitness building in Santa Monica for $30.3 million.