Pasadena Corporate Park Trades for $78M
By Greg Cornfield April 1, 2020 12:55 pm
reprints
Columbia Property Trust, Inc., announced Tuesday that it sold a three-building office complex in Los Angeles’ Pasadena for $78 million.
The Pasadena Corporate Park spans 260,000 square feet at 250 North Halstead Street and 3475 East Foothill Boulevard. Columbia Property Trust declined to comment or share the name of the buyer.
Columbia took a loss over the long term. The firm acquired the property 16 years ago for $116 million in July 2007 from IndyMac Bank, which went defunct shortly after, and was succeeded by Pasadena-based OneWest Bank, which was founded by the current U.S. Treasury Secretary Steven Mnuchin.
Pasadena Corporate Park is 94 percent leased, according to Columbia’s website. Its major tenants include the headquarters for technology banking firm Green Dot Corporation, and environmental consulting and engineering firm Tetra Tech, which was founded in Pasadena. Last year, Columbia secured a 65-month renewal with Tetra Tech for 61,000 square feet.
Both Green Dot and Tetra Tech were not immediately available for comment.
Pasadena has become a burgeoning modern office hub. Coretrust Capital Partners is currently renovating the largest office campus in Pasadena — a 640,000-square-foot complex on Lake Avenue — which it purchased from UBS Realty Investors for $245 million in May 2018. CoreTrust said it secured leases of more than 100,000 square feet for new or expansion space since 2018, and rents are up to $4.25 per square foot at that building.
Coworking firm Industrious signed to two properties in Pasadena in 2019, including at Coretrust Capital Partners’ property. The same month, Nuveen Real Estate provided $160 million to facilitate Swift Real Estate Partners’ $193 million acquisition of a three-building office portfolio with 516,890 square feet in Pasadena.
