ACCO Buys New Headquarters Building in Pasadena for $112 Million

Published : Thursday, February 1, 2018 | 7:43 PM

ACCO Engineered Systems, which designs, fabricates, installs and maintains commercial and industrial HVAC, refrigeration, plumbing, process piping, and building automation systems, has acquired the former OneWest Bank headquarters building in Pasadena for a reported $112 million this week.

The 235,000-square-foot, six-story property is at 888 E. Walnut Street. Sources familiar with the deal said ACCO bought the property from JP Morgan Chase and Company. ACCO plans to move and expand its headquarters from Glendale to occupy about 130,000 square feet at the new location, according to the Los Angeles Business Journal.

The sale price has not been disclosed, but industry sources estimate it at $112 million, or about $477 a square foot. Similar office buildings sold in the last year in Pasadena averaged around $400 to $440 a square foot, according to CoStar information.

JP Morgan bought the property for $127 million – about $543 per square foot – in 2007 from developer IDS Real Estate Group. Sources said the building sold at a slight discount due to the fact that it had 190,000 square feet of vacant space after former lead tenant OneWest Bank moved out in the first quarter of last year. The bank was acquired by CIT Group Inc. for $3.4 billion in 2015 and eventually no longer needed the space.

The report said ACCO Systems had been searching for a Class A office building in which to expand its headquarters in the Tri-Cities market. ACCO had eyed the former Avery Dennison campus at 150 N. Orange Grove Blvd. in Pasadena but backed out due to disagreements over the deal.

The report added ACCO will be joining tenants CenFed Bank, Citibank and OpenX in the building, which posts asking rates of about $3.65 a square foot.

CoStar said the seller was represented by Shaun Stiles at Cushman and Wakefield. The buyer was represented by Cresa’s Ray Howden and Seth Wellisch.

ACCO Engineered Systems has about 21 offices located at different sites in California, Nevada, Washington state and Idaho.

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