Pasadena Building Sells for $30 Million

A more than 60,000-square-feet office building in Pasadena has changed hands for $30 million. L.A. lending brokerage Holliday Fenoglio Fowler LP has helped close the sale of 150 E. Colorado Blvd. in the city’s Old Towne neighborhood. The buyer is James Li of San Gabriel, according to CoStar Group Inc. The 62,300-square-foot, Class B office building was built in 1979 and sits on 1.5 acres. The property was 89.3 percent leased at the time of the sale, according to HFF. HFF’s Senior Managing Director Ryan Gallagher and Director Andrew Harper arranged the deal on behalf of the seller, Equity Office. The buyer was represented by Long Dragon Realty. “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 percent of the leased square footage expires in the next three years, with in-place rents more than 10 percent below current market rate,” Harper said.