March 23, 2016
A fund advised by Los Angeles-based CBRE Global Investors acquired Pasadena Towers, a 477,051-square-foot, two-tower Class A+ office campus in Pasadena. Industry sources not involved in the transaction confirmed the deal for the nine-story towers was completed for more than $250 million.
The asset, one of only five office properties of its class in the market, recently underwent an $18 million capital improvement program intended to cement its premier status in Pasadena. Located at 800 E. Colorado and 55 S. Lake in the South Lake Retail District, the property is 93 percent occupied.
JLL’s Michael Zietsman and Patrick Inglis represented the seller, Beacon Capital Partners.