CBRE Global Investors Fund Buys Pasadena Towers at Lake, Colorado Intersection for $257 Million

A fund advised by CBRE Global Investors based in Los Angeles has acquired Pasadena Towers, a 477,051 square foot, two-tower Class A+ office campus in Pasadena.

The investment firm did not say how much was the acquisition price, but a report on the San Gabriel Valley Business Journal said the property was sold for roughly $257 million.

CBRE Global said the property, which includes five percent retail space and a 1,238-stall parking structure, is 93 percent occupied at the time of purchase.

The nine-story towers are located at 800 E. Colorado and 55 S. Lake in Pasadena’s South Lake retail district, 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 Metro station, Pasadena Towers is also highly accessible by public and private transportation. The current tenant base includes a diverse blend financial institutions and high-growth tech firms, CBRE Global said.

“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 for CBRE Global. “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.”

Pasadena Towers recently underwent an $18 million capital improvement plan intended to cement its status among the premier office buildings in Pasadena.  The property, which features 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.

CBRE Global said Michael Ziestman and Patrick Inglis of Jones Lang LaSalle Inc. represented the seller.