Graymark Capital, in partnership with Blue Vista Capital Management, purchased the 164,000-square foot building for $16.3 million, which is located in the Northeast Pasadena submarket, according to a statement released to the media.
The building — located at 3100 New York Drive — was the headquarters of Leon Max, a Russian-American women’s luxury fashion brand founded in the Soviet Union. Graymark Capital intends to upgrade the space to fit modern standards, according to the press release. The renovation will include new lobbies, upgraded landscaping, creative interior design and outdoor amenities.
According to the media statement, Pasadena is one of the most desirable residential markets in Southern California due to its location. The property is located off the I-210 Freeway, which connects Los Angeles and the San Gabriel Valley.
Recently, Pasadena has seen an uptick of tenants related to technology and science, according to the statement released to the press. Significant tenants include 3M, Giant Magelian Telescope, Kaiser Permanente, Community Bank, Tetra Tech, Green Dot and of course, CalTech University and NASA’s Jet Propulsion Laboratory.
This specific property was an investment choice for Graymark Capital due to the quality of it and its discounted price, according to the media release. This is the company’s fourth creative office investment in Southern California over the last 15 months.
Graymark Capital — a San Francisco-based real estate investment firm that is currently worth $300 million — was founded in 2012 by CEO Brian Hecktman, Managing Director/CFO Jeff Hoppen and Vice President of Acquisitions Rick Lafranchi. It currently has seven employees which collectively have experience handling over $2 billion worth of real estate investments and developments over the last 20 years, according to the press release.
