Ameron Center in Pasadena Sold to Entity with Ties to Local Developer

A developer with Pasadena and local area projects to his name is affiliated with an entity that just purchased Pasadena’s Ameron Center.

Real estate magazine The Real Deal said Patrick Chraghchian, president of American General Contractors (AGC), is connected to the entity that bought the 175,800-square-foot Class A office complex for $40.5 million from international real estate investment and services firm Kennedy Wilson, which acquired the property for $39 million in 2014.

The Ameron Center, located near the mixed-use Paseo Colorado outdoor lifestyle center as well as Old Town Pasadena and the Lake Avenue Business and Shopping District, is only 25 percent leased, according to The Real Deal report. Several law firms are among the tenants.

In Pasadena, Chragchian’s AGC also developed the Burton, a 34-unit condo development on South Los Robles Avenue.

AGC also acquired the Thatcher Medical Building at 960 E. Green Street last year.

The Real Deal said Chragchian’s plans call for him to build a 55-unit apartment project in Glendale, replacing a former Bob’s Big Boy restaurant at 1407 W. Glenoaks Boulevard.