Gateway Metro Center

Gateway Metro Center

Property

  • ¬†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