Commercial real estate services and investment firm CBRE announced Thursday it arranged the $7 million sale of a 9,481-square-foot office building at 1300 E. Green Street in Pasadena to Diamond Green, LLC, a local real estate investment group.
The building formerly housed the headquarters of nonprofit AbilityFirst.
Built in 1965, the one-story building features high ceilings, two bank vaults, a private outdoor patio and 26 surface parking stalls.
CBRE’s Kyle Barratt, Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez represented the seller, a California-based foundation, in the transaction.
“CBRE ran a competitive bid process, which generated multiple offers and significant buyer interest,” said Barratt. “The process helped to maximize value and created favorable deal terms for the seller.”
Added Duffy, “This rare owner-and-user opportunity on Green Street in Pasadena was highly sought after by companies located in this market and is consistent with the continued interest we see from tenants in Pasadena wanting to purchase versus lease.”
The Greater Los Angeles office market saw the second consecutive quarter of positive net absorption with 512,403 square feet in the first quarter of 2022 as office occupancy continues to grow and demand for quality working space remains strong in low-rise suburban markets, according to CBRE research.