Pasadena Office Building Sold for $30 Million

A boutique office building in Pasadena valued at $30 million with over 60,000 square-feet of space changed hands Tuesday, according to a statement released to the media by Holliday Fenoglio Fowler, the company that closed the deal.

The seller, Equity Office, sold the property to James Li of San Gabriel, who was represented by Long Dragon Realty, according to CoStar Group, Inc.

The property, located at 150 E. Colorado Blvd. in Pasadena’s Old Town neighborhood, is a Class B office building with 62,286 square feet of space. It was about 90 percent leased at the time of sale to tenants in the healthcare, insurance and technology industries, according to HFF’s press release.

The sales team who represented Equity Office was led by senior managing director Ryan Gallagher and director Andrew Harper, according to HFF.

“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 in the press release.