101 S. Marengo Ave. Picture courtesy of JLLAtlas Capital Group is the brand new proprietor of the previous Financial institution of America constructing, a five-story, 315,000-square-foot Class A workplace property in Pasadena, Calif., in line with public information. JLL Capital Markets represented the vendor and procured the client for the transaction however didn’t disclose the events concerned or the price paid.
READ ALSO: How you can Forestall Spreading COVID-19 in Workplace Buildings
Positioned at 101 S. Marengo Ave., the white, windowless rectangular constructing had been utilized by Financial institution of America as a company workplace for customer support, information administration and different back-office operations because it was inbuilt 1974. Financial institution of America’s lease expired in early 2019 and the property has been vacant since then. JLL confirmed the brand new proprietor might be renovating the constructing as a multi-tenant property and expects it to develop into one of many premier workplace areas within the Tri-Cities market.
The constructing is located on a 2.88-acre web site one block from the LA Metro Gold line and in shut proximity to quite a few freeways, together with the 110, 134 and 201 Freeways that present east and west entry to the Higher Los Angeles space. The property, which has a Stroll Rating of 98, is situated within the Outdated City Pasadena neighborhood with eating, retail and leisure choices in addition to Paseo Colorado, an out of doors way of life vacation spot with top-tier buying, eating and leisure together with Archlight Cinemas, Equinox, Yard Home and P.F. Chang.
The JLL Capital Markets staff representing the vendor was led by Senior Managing Administrators Michael Leggett and Andrew Harper and Director Will Poulsen, in addition to Managing Director Patrick Church with the JLL leasing staff.
The Pasadena Company Park has additionally not too long ago modified arms with longtime proprietor Columbia Property Belief promoting the three-building, 260,000-square-foot workplace property for $78 million. Positioned at 3465 and 3475 E. Foothill Blvd., Pasadena Company Park has two- and three-story buildings with tenants together with Inexperienced Dot Corp. and Tetra Tech.
In November, Swift Actual Property Companions acquired a three-property, 516,890-square-foot workplace portfolio in Pasadena from PGIM Actual Property for $193 million. The acquisition was made via the actual property funding agency’s $500 million Fund III. JLL Capital Markets represented the vendor, procured the client and labored on behalf of Swift to safe a $160 million loan via Nuveen Actual Property. Referred to as the Pasadena Assortment, the properties are situated at 790 E. Colorado Blvd., 155 N. Lake Ave. and 35 N. Lake Ave.