Property •
- A high quality, Class A, 11-story high rise office building, containing
- 121,462 square feet on 3.73 acres of land
Strategy
- Substantially leased property to a diverse tenant base which included financial institutions, insurance providers, accounting firms and other service industries
- One of the largest urban infill locations in Pasadena
- Below market rents and staggered lease expirations in a submarket with very low vacancy and no new commercial construction underway
- Ability to enhance yields with leverage
- Excess land allowed for future build-out opportunities
- Worked with the community and City of Pasadena during the General Plan update to enhance the land value, and maximize value
- Conceptualized potential development opportunities
Rationale
- Outstanding location with freeway visibility and access along with Metro Gold Line train station access less than one block away
- Located on the Foothill Boulevard corridor, an area which has seen vast growth in commercial, retail and housing over the last few years
- One of the tallest building in all of Pasadena and the only high rise located on Foothill Boulevard
- Ample land for future development with excellent parking
- High walkability
- Accomplished a successful sale with the second highest price achieved in Pasadena the year of the sale