Major Pasadena Office Tower is Sold for Undisclosed Price

Published : Wednesday, December 19, 2018 | 5:54 AM

A Pasadena-based pension fund for operating engineers has sold a 208,000-square-foot, 11-story office building on Lake Avenue to a joint venture between Barker Pacific Group and Rockwood Capital.

The price was not disclosed.

Operating Engineers Trust Funds Inc. first listed the building at 301 N. Lake Avenue for sale in June. Brokers familiar with the property then estimated it could sell for about $350 per square foot, or at least $73 million.

The fund, which represents more than 20,000 members of the International Union of Operating Engineers, bought the complex in 2008, according to property records. The building was constructed in 1989.

In 2017, iHerb, a California-based retailer with more than 35,000 natural products, signed a five-year lease with the Operating Engineers for 19,993 square feet of office space — the building’s entire sixth floor.

The Class A building offers direct access to the 210 and 134 freeways and is less than a one block walk from the Lake Avenue Gold Line.

CBRE Group Inc.’s Mike Longo and Sean Sullivan brokered the sale, according to reports, with JP Morgan providing debt financing for the buyers.

blog comments powered by Disqus