The Real Deal Los Angeles

Idealab’s Pasadena HQ trades hands

The site was the first investment for the seller
By Natalie Hoberman | September 19, 2017 04:00PM

Idealab building at 130 W. Union Street in Pasadena (Credit: Getty, Idealab)

Fairway Real Estate and Tokyo Land US Corp. have jointly sold the 34,000-square-foot complex at 130 W. Union Street in Pasadena for $19.4 million, according to a company release.

The buyer was Los Angeles-based investor Pasadena Capital Investments.

Chris Comfort and Eric Mandell of Apex Properties represented the buyer in the transaction.

The site, which is leased to startup studio Idealab through 2019, was originally five individual, single-story structures. In 2000, the property was consolidated into a large, collaborative open plan building.

The joint sellers originally purchased the site as a leaseback transaction for $13.5 million, property records show. It was the Fairway’s first investment and also marked the first American acquisition for its Tokyo-based partner.

Fairway is a boutique real estate investment and advisory firm. Tokyo Land Corp. operates urban developments, residential properties, wellness centers and hotels.