New York Firm Buys Pasadena Building on Lake Avenue at Green Street

New York-based investment firm Alliance Bernstein L.P., also called AB Global, has acquired a modernistic 11-story building at the corner of Green Street and Lake Avenue in Pasadena, and two properties in Marina del Rey, as part of a $153 million five-property portfolio, says a report on The Real Deal.

The Pasadena property is a 110,056-square-foot office building that was 84 percent leased at the time of the sale. The structure was constructed in 1982.

The buildings at Marina del Rey are at 4551 and 4553 Glencoe Avenue and had a combined price tag of $50.5 million. The twin three-story office structures were 92 percent leased at the time of the sale. Built in 1984, the twin buildings total more than 145,000 square feet in size and and qualify as one of the biggest commercial transactions in the second quarter.

The two remaining properties, one in Centennial, Colorado and the other in Greenwood Village, Colorado, cost $41 million and $30 million.

The Real Deal said the seller of the 803,635-square-foot portfolio was real estate management and investment firm SteelWave, based in Foster City. Eastdil Secured brokered the deal on behalf of the buyer.