Rockpoint makes another LA acquisition — this time in Pasadena

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

TRD LOS ANGELES /
Sep.September 19, 2017 03:15 PM
Aric Shalev and 177 East Colorado Boulevard (Credit: YardiMatrix, Rockpoint Group)

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
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
250 N. Halsted Street and 3475 East Foothill Boulevard

Panda Express family buys Pasadena corporate park for $78M

Panda Express family buys Pasadena corporate park for $78M
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
199 South Robles Avenue in Pasadena (Credit: Google Maps)

Beverly Hills investors fork over $55M for Pasadena office building

Beverly Hills investors fork over $55M for Pasadena office building
Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint closes on $303M deal for Miracle Mile office tower

Rockpoint closes on $303M deal for Miracle Mile office tower
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
Clarion CEO David Gilbert, Rockpoint co-founders Keith Gelb and Bill Walton, and one of Rockpoint’s Torrance properties (Credit: iStock)

Clarion Partners pays $126M for Torrance multifamily portfolio

Clarion Partners pays $126M for Torrance multifamily portfolio
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
arrow_forward_ios

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

Loading...