Distinctive Windowless Pasadena Office Complex Sells for $72 Million

Woodridge Capital Partners has sold the former Bank of America building at 101 S. Marengo Ave. in Pasadena, a 346,000-square-foot office building that a year ago the Los Angeles-based real estate investment and development company sought to transform into a modern landmark.

The buyer is Atlas Capital Group, which paid $72 million for the complex, a report by The Real Deal said.

The six-story building, unusually attractive for its windowless appearance, sits on about three acres of land in downtown Pasadena. It has been referred to as the Bank of America building, since it was the bank’s processing center for its BankAmericard credit card from the time it was built in the 1970s.

Built by developer McCaslin-Lloyd Investment Co. and designed by architect Edward Durell Stone, the building was described by Architectural Resources Group as a”windowless rectangular box with a flat roof,” surrounded on all sides by a hardscaped plaza.

At the time it was completed, the mid-rise structure featured large 60,000-square-foot floor plates, a 350-seat cafeteria at its roof, and a 525-car parking structure.

In 2018, the bank decided not to renew its lease on the property after more than four decades.

When Woodridge acquired the property, it sought to overhaul the building into Class A office space, and planned to add windows to the travertine-clad facade.

City officials decided it wasn’t eligible for historic preservation, which allowed Woodridge to file for the overhaul. The building is surrounded by about 82,000 square feet of open plaza space, the bulk of which faces the Pasadena Convention Center.

The Real Deal reports the sale marks one of the larger office deals in Pasadena this year, with activity severely interrupted by the coronavirus.
Last month, Cherng Family Trust, an affiliate of Panda Restaurant Group, paid $78 million for a three-building office complex located at 250 N. Halsted Street and 3475 E. Foothill Blvd.