Genton Cockrum Partners, a privately held real estate investment and development company focused on housing, hospitality and creative office properties, announced today the sale of Six25 Fair Oaks for $31 million. Located at 625 Fair Oaks Avenue in South Pasadena, California, the 92,547-square-foot creative office building was bought by Greenbridge Investment Partners.
Acquired by Genton Cockrum Partners in 2014 for $20 million, the 3-story, Class A suburban property built in 1987 was repositioned and re-tenanted as a creative office building. The property was repositioned with creative features that appealed to global technology, design, creative and traditional tenants.
“We saw this as an excellent risk-adjusted investment opportunity with a value proposition to create an attractive working environment for creative and traditional office tenants at a lower occupancy cost than Downtown LA and West Pasadena, while generating significantly higher rent than prior leases, “said Bill Cockrum, senior managing partner with Genton Cockrum Partners. “There has been increasing demand for thoughtfully-designed creative office space in the supply-constrained suburban core locations where you have higher Walk Scores and/or close proximity to transit.”
Chalvis Evans, senior vice president with CBRE who handled both the sale and leasing commented, “Genton Cockrum Partners not only had the vision for Six25, but also executed their business plan, generating successful leasing and investment results.”
For additional information on Six25 Fair Oaks, visit www.gentonproperty.com.