Pacific Oaks Education Corp. purchased its Pasadena headquarters in a $21.5 million deal.
The Pasadena-based nonprofit bought the 75,000-square-foot, four-building campus from seller NW Innovation Center last month.
Pacific Oaks, operating as Pacific Oaks College and Pacific Oaks Children’s School, needed city officials to approve the acquisition, the Los Angeles Business Journal reported.
The nonprofit, which received the approval, nabbed a tax-exempt loan for as much as $22 million from the Illinois Finance Authority. Pacific Oaks belongs to a Chicago-based nonprofit network of colleges, which qualifies for the loan, according to the Business Journal. The organization plans to spend $2 million on renovations.
Josef Farrar, David Kluth and Aliya Coher of Newmark Knight Frank represented Pacific Oaks.
Mark Shaffer and Kevin Duffy of CBRE represented seller NW Innovation Center.
The office complex was built in 1964 and renovated in 2006. Pacific Oaks occupies 45,000 square feet and the State of California is the next largest tenant. [LABJ] — Subrina Hudson