The Real Deal Los Angeles

Pasadena office building expected to attract bids of up to $128M

Saunders bought the property from AT&T in 2014
October 05, 2016 10:30AM

177 East Colorado Boulevard

177 East Colorado Boulevard

Newport Beach-based real estate firm Saunders Property has put a 321,000-square-foot Pasadena office building on the market, two years after buying it from AT&T.

The Class A property, at 177 East Colorado Boulevard, is expected to fetch as much as $128 million, or $400 per square foot, according to Real Estate Alert. That’s a tidy profit over the $81 million Saunders paid for it in 2014. Eastdil Secured has the listing.

Saunders completed a major $24 million renovation of the property and brought it to 88 percent leased, signing tenants such as WeWork and iRobot. AT&T still occupies 101,000 square feet. The average remaining lease term for the building’s tenants is close to nine years.

New retail tenants include Hot 8 Yoga studio and a Fleming’s Steakhouse. [REA] — Katherine Clarke