August 31, 2016
Chicago-based Equity Office sold 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in Pasadena, CA’s Old Town neighborhood to a Los Angeles-based investor for $30 million. The 1.51-acre property is 89.3% leased to tenants in the healthcare, insurance, technology and professional service industries.
Holliday Fenoglio Fowler’s Ryan Gallagher and Andrew Harper marketed the property on behalf of the seller. The buyer was represented by Arcadia, CA-based Long Dragon Realty.
HFF’s Harper says, “The sale of 150 East Colorado will enable the new owner to occupy nearly 3,000 square feet of the vacant space for their headquarters, and realize significant near term upside as more than 40% of the leased square footage expires in the next three years, with in-place rents more than 10% below current market rate.”
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