Rockpoint makes another LA acquisition — this time in Pasadena

Private equity firm buys AT&T Building for $162M

Los Angeles /
Sep.September 19, 2017 03:15 PM

Hot on the heels of acquiring a Miracle Mile office trophy from Blackstone Group, Rockpoint Group closed on a deal for the AT&T Building in Pasadena for $161.5 million.

The Boston-based private equity firm paid roughly $540 per square foot to the seller, Saunders Property Group, Real Capital Analytics data show. The property is located at 177 East Colorado Boulevard.

Rockpoint declined to comment.

Saunders bought the roughly 300,000-square-foot building in 2014 for $81.5 million, or roughly $270 per square foot. The firm completed a $24 million renovation of the property, transforming tenant spaces and “a lobby that looked like it belonged to a telephone company” to a modern office would attract the likes of WeWork, said John Saunders, head of the company, who has owned several buildings in the Pasadena area.

“Our business plan was to take the building, remodel it, and sell it when we had the building filled up,” he said. “It would be nice if the Chinese were still in the market and paying better prices but we still got a good price and Rockpoint got a great building.”

Eastdil been shopping the building around since last October. Representatives for the brokerage could not be reached.

The building, anchored by AT&T, is 88 percent occupied, RCA shows. Other major tenants include WeWork, Primecap Odyssey Funds and iRobot.

There was no official asking price, but previous reports estimated it would sell for a much lower $128 million.

Rockpoint’s West Coast acquisitions team, led by Aric Shalev, has been on a bit of a tear in L.A. In addition to acquiring Blackstone’s office at 5670 Wilshire Boulevard, the firm recently picked up a 460-key Westin Hotel in Long Beach for roughly $85 million. As of March, it also owned 16 multifamily properties in the L.A. area, concentrated in the San Fernando Valley.


Related Articles

arrow_forward_ios
Residences at Westgate, The Hudson and Waterford co-founder John Drachman (Waterford Property Company, the CSCDA)
Waterford Property pays $335M for 2 Pasadena rental complexes
Waterford Property pays $335M for 2 Pasadena rental complexes
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Rendering of the Pasadena complex. (Smith Group / City of Pasadena)
Latest medical office complex planned in Pasadena
Latest medical office complex planned in Pasadena
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...