Pasadena Office Building Sells for $67 Million

A two-story, 239,000-square-foot building in Northeast Pasadena’s at 465 North Halstead Street has been sold for just a little under $67 million, says a report on real estate industry website The Real Deal.

The report said DivcoWest Real Estate Investments and its partner Edgewood Realty sold the building Tuesday at a significant profit. The partners paid only $36.25 million for the property in 2013 and completed a $5.68 million renovation. About 72 percent of the building’s space now features open floor plans that can accommodate large and medium-sized tenants, said the report.

Kevin Shannon, Ken White, Rob Hannan and Sean Fulp of Newmark Grubb Knight Frank represented Divco, along with Kevin Duffy and Natalie Bazarevitsch of CBRE.

The Real Deal reports the building is now 89 percent occupied by tenants that include the corporate headquarters of Community Bank as well as companies such as OE Waves and PNC Bank. When the partners bought it in 2013, the property was only 42 percent leased, says the report.

Giant Magellan Telescope Organization, the builder of the world’s largest land-based telescope, was the latest tenant to sign at the building. It took 46,000 square feet, moving from a smaller space on Lake Avenue in Pasadena’s CBD, according to the report.

In March, The Real Deal reported another notable real estate transaction in the area when Pasadena Towers was sold to CBRE Global Investors for $250 million, or roughly $540 per square foot.