An institutional quality, Class A, high rise office tower, containing 121,462 square feet and on 3.73 acres of land within the city of Pasadena, CA
Advantages
Outstanding location with freeway visibility and access along with Metro Gold Line train station less than one block away
Located in the Foothill Boulevard corridor, an area which has seen vast growth in commercial, retail and housing over the last few years
One of the largest urban infill locations in Pasadena
One of the tallest buildings in all of Pasadena and the only high rise located on E. Foothill Boulevard
Below market rents in a market with low vacancy, rising rents and no new commercial construction underway
Excess land allowed opportunity for future build-out opportunities to add additional value
City of Pasadena was revising its General Plan update which significantly enhanced this land value
High walkability
Results
Repositioned, improved and branded the property
Leased to a diverse tenant base, which included financial institutions, insurance providers, accounting firms and service industries, both domestic and international
Enhanced yields with leverage
Worked with the community and City of Pasadena to upgrade land use, and maximize value
Accomplished a successful sale with the second highest sale price, for office buildings of any size, achieved in Pasadena the year of the sale
