Pasadena Towers Sell for $257 Million

The massive, two-tower Pasadena Towers office campus has been bought by a fund advised by L.A.-based CBRE Global Investors, an independently-operated affiliate of CBRE Group Inc., the investment firm announced Tuesday. CBRE didn’t disclose the purchase price, but the fund paid roughly $257 million, according to the private real estate news site PERE. The property consists of two towers, both nine stories, with a total 477,051 square feet. Pasadena Towers, at 800 E. Colorado Blvd. and 55 S. Lake Ave., was 93 percent occupied at the time of purchase, said CBRE. The towers also include 5 percent retail space and a parking structure with 1,238 spaces. Tenants include financial institutions with traditional offices and tech firms with open floor plans. A recent, $18 million renovation created a new courtyard with Wi-Fi, a new fitness center, bike room and 2,000-square-foot conference room as well as upgrades to the security system, landscaping, lobby and other common areas. “With the submarket emerging as ‘LA’s Other Tech Hub,’ Pasadena Towers will be able to attract both traditional and creative tenants,” said Kim Hourihan, portfolio manager for CBRE Global Investors. Michael Ziestman and Patrick Inglis of Jones Lang LaSalle Inc. represented the seller, according to CBRE.